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#5
10-10-2005, 03:01 PM
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 Re: Flexible Spending Accounts and FICA Taxes - quote - > > Will I be able to save on FICA taxes like social security > > and Medicare taxes (in addition to federal income taxes) if > > put a part of my salary in Flexible Spending Accounts? > No. All earned income up to $90,000 is deducted for SS > before you put it into a FSA, 401K or other tax-free benefit. Er....Yes. (I think Alan was right on this one, Rick. See http://www.toolkit.cch.com/text/P05_4556.asp .) -- ----------------------------- Regards - - Andrew << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#4
10-10-2005, 03:01 PM
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| Re: Flexible Spending Accounts and FICA Taxes - quote - > > Will I be able to save on FICA taxes like social security
Not true. FSA contributions are *not* hit with SS> > and Medicare taxes (in addition to federal income taxes) if > > put a part of my salary in Flexible Spending Accounts? > No. All earned income up to $90,000 is deducted for SS > before you put it into a FSA, 401K or other tax-free benefit. and Medicare taxes. -- Rich Carreiro rlcarr[at]animato.arlington.ma.us << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#3
10-10-2005, 02:42 PM
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| Re: Flexible Spending Accounts and FICA Taxes Steve.T.Duncan[at]gmail.com wrote: - quote - > Will I be able to save on FICA taxes like social security
Health care and dependent care benefits under an FSA are not> and Medicare taxes (in addition to federal income taxes) if > put a part of my salary in Flexible Spending Accounts? subject to income tax, FICA, & Medicare tax. -- Alan http://taxtopics.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#2
10-10-2005, 02:42 PM
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| Re: Flexible Spending Accounts and FICA Taxes - quote - > > Will I be able to save on FICA taxes like social security
I read this question differently.> > and Medicare taxes (in addition to federal income taxes) if > > put a part of my salary in Flexible Spending Accounts? > No. All earned income up to $90,000 is deducted for SS > before you put it into a FSA, 401K or other tax-free benefit. If asking about Sec 125 plans, for example, the answer changes. For example, if you have a Sec 125 plan and place a portion of your salary into a child care reimbursement account, that amount does not show up on a W-2 form in either box 1, 3 or 5. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#1
10-10-2005, 02:42 PM
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| Re: Flexible Spending Accounts and FICA Taxes - quote - > > Will I be able to save on FICA taxes like social security
Actually, the answers you got on misc.taxes were correct.> > and Medicare taxes (in addition to federal income taxes) if > > put a part of my salary in Flexible Spending Accounts? > No. All earned income up to $90,000 is deducted for SS > before you put it into a FSA, 401K or other tax-free benefit. <grin> Section 125 plans (FSAs) are not subject to FICA and Medicare withholding. See Pubs 15, 15A and 15B. -- Don EA in Upstate NY << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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10-09-2005, 06:51 PM
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| Re: Flexible Spending Accounts and FICA Taxes - quote - > Will I be able to save on FICA taxes like social security
No. All earned income up to $90,000 is deducted for SS> and Medicare taxes (in addition to federal income taxes) if > put a part of my salary in Flexible Spending Accounts? before you put it into a FSA, 401K or other tax-free benefit. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
10-09-2005, 06:07 PM
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| Flexible Spending Accounts and FICA Taxes Will I be able to save on FICA taxes like social security and Medicare taxes (in addition to federal income taxes) if put a part of my salary in Flexible Spending Accounts? Thanks for the info... Steve << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| accounts, fica, flexible, spending, taxes |
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