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American Capital Agency Corp. Message Board

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  • mmichaelr mmichaelr Jan 4, 2013 2:16 PM Flag

    tax deal summary

    I thought you posted you were a CPA (10 years). "the payroll tax hits everyone"
    FICA taxes are only applied to earned income for employees meeting the the Common-Law Test and independent contractors in four specific occupations. There are an additional nine employment types excluded from FICA or SECA taxes.

    CPA, CPP, EA, CHFC, CTA with 30 plus years.

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    • mmichaelr !!The FICA increase has no effect on people who dont declare earned income. I have a client with a S Corp who paid himself with Dividends so he escaped FICA and paid only a 15% tax rate. He decided to retire and applies for Social Security. No Cigar!! SSA declined his application,he had not paid enough into the system. He now says he will have to start another business to keep up his life style. Also most people who have time to post on message board dont have earned income anyway and will not be affected.

 
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