2007-10-16 09:25:36 · 5 answers · asked by Marius O 1 in Business & Finance ➔ Taxes ➔ United States
Fixed charge based on income. Reduce income, reduce payments
2007-10-16 09:29:01 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
These withholdings are based on your earnings. There is a set rate. If you want to pay less for Social Security/Medicare then work less or work a part-time job.
2007-10-17 13:25:45 · answer #2 · answered by Gary 5 · 0⤊ 0⤋
You can reduce your wages subject to SS and Medicare by using flexible spending accounts offered by your employer.
If you are near the top of the SS threshhold ($97,500), you could try to push your income into alternate years with as much over the threshhold as possible. Getting a bonus early, or late, for example, so that the bonus is not fully subject to SS.
Otherwise, you are going to pay 6.2% of your wages to SS up to $97,500 and 1.45% of all your wages to Medicare.
2007-10-16 09:40:40 · answer #3 · answered by ninasgramma 7 · 1⤊ 0⤋
You dont have any choice in the amount that is withheld for these taxes. They are a percentage of your income. You can find ways to have some of your income alloted to medical or other savings accounts pre tax which will reduce some tax liability.
2007-10-16 09:34:14 · answer #4 · answered by Diane M 7 · 0⤊ 0⤋
No, those are mandatory federal and state deductions. You can however minimize state/federal taxes.
2007-10-16 09:28:28 · answer #5 · answered by It's a girl due 5/11/09 4 · 0⤊ 1⤋