Will a flexible spending account effect my social security contributions even if I am working overtime often?

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Will a flexible spending account effect my social security contributions even if I am working overtime often?

2006-11-27 16:02:17 · 2 answers · asked by rascoe627 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

No.

Social Security deducations are based on your GROSS pay (before your pre-tax withholdings).

Therefore, your SS contributions will be the same if you put money in your flexi account, 401k or other pre-tax accounts.

2006-12-01 15:51:54 · answer #1 · answered by csanda 6 · 0⤊ 0⤋

It is counted pre-tax so yes it will lower your ss contributions but if you don't use all of it you will lose the remainder

2006-11-27 16:11:35 · answer #2 · answered by breastfed43 3 · 0⤊ 0⤋