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Jan 16, 2023
12:02
:36
am
oohYeah
All-American
Once you max out on SS then you don’t have to pay anymore
Even as a sole proprietor.
Medicare tax has no limit, so you’ll be paying 2.9 percent on the net income on your sole proprietorship on top of income tax
This message has been modified
Originally posted on Jan 16, 2023 at 12:02:36am
Message modified by oohYeah on Jan 16, 2023 at 12:03:33am
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oohYeah
Previous username
bjn
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oohYeah
Joined
Feb 13, 2006
Last login
May 8, 2024
Total posts
3,793 (135 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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