What 15% FICA?
As an employee- you should be paying 6.2% FICA & 1.45% Medicare——NOT 15%. IF your employer is deducting 15%- they are totally wrong.
“”What about all of the employees with unreimbursed expenses that could deduct mileage and tolls?””
What kinds of ‘unreimbursed’ expenses are you talking about?
NO ONE who commutes to work can deduct that cost-—no matter who the employer is, if that is what you re referring to.
Please clarify.
IF you are occurring unusual expenses to perform your job, talk to your CPA. Your employer MAY be forced to reimburse you for those costs.
I have done payroll work for a very long time. Get more information.
Hate to be rude, but if you think the FICA portion is coming out of his pocket you are mistaken.
That is money that he might be paying you instead.
When you are self employed, you get to pay the entire thing
Apr 10, 2017 - What is FICA? The Federal Insurance Contributions Act (FICA) tax is a mandatory payroll tax. If you have employees, you must deduct the FICA tax rate from your employees’ wages and pay the IRS. And, you need to contribute a matching amount per employee contribution.
You each also pay Medicare taxes of 1.45 percent on all your wages - no limit. If you are self-employed, your Social Security tax rate is 12.4 percent and your Medicare tax is 2.9 percent on those same amounts of earnings but you are able to deduct the employer portion.
Form 2106
I take over $70,000 in itemized deductions in total and have been for years.
And my State doesn’t even have State and Local income taxes.
Yeah, I knew you can’t deduct your commute since I first started itemizing.
I think I know what I am talking about.
I use every legal method available to minimize the amount of my taxable income, including working at a profession that the IRS already lost in court when they tried to deny people taking the mileage deduction
I don’t appreciate being robbed.
Those two scumbags Mnuchin and Cohn just robbed me.
Have you ever even been to Washington DC or worked for a Federal Agency?
They are living like kings, and WASTING the money they EXTORT from us.
my husband is an actor among other things. We take unreimbursed employee expense deduction for mileage and tolls for every audition he goes to (per our expensive accountant). It adds up fast. I am self employed, I pay the 15%.
All I can hope is that the other stuff offsets it...unfortunately, there will be people affected who are Trump supporters. Hopefully, they don’t get too ticked off when time to vote. When people see their bottom line get affected well who knows.