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Jan 16, 2023
12:08
:41
am
Coach's Dad
All-American
Wait he doesn’t have to pay the employer portion of SS still? I thought he did.
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Coach's Dad
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Coach's Dad
Joined
Jul 29, 2003
Last login
Jun 12, 2024
Total posts
17,407 (425 FO)
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Messages
Author
Time
Question for all you tax gurus
DK-
1/15/23 11:56pm
Once you max out on SS then you don’t have to pay anymore
oohYeah
1/16/23 12:02am
Got it thanks! Any downside to taking as much income as possible as 1099
DK-
1/16/23 12:03am
Wait he doesn’t have to pay the employer portion of SS still? I thought he did.
Coach's Dad
1/16/23 12:08am
Yeah, I think you’re right.
oohYeah
1/16/23 12:19am
No. He does not.
BYU-Ite
1/16/23 6:13am
Usually you would pay more tax with a 1099, because
BYUCPA
1/16/23 12:10am
It gets complicated. If your income is up around 500k
oohYeah
1/16/23 12:13am
You’re still paying slightly more in payroll taxes as you will pay the 2.9%
BYU-Ite
1/16/23 6:15am
I will just add that you and your employer can’t just “decide” to make some of
eoscougar
1/16/23 7:22am
This is correct, tread carefully.
mbs6
1/16/23 7:57am
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