Can I pay my share of FICA taxes at the end of the year?
Right now I put about 96% of my paycheck into my SIMPLE IRA so the other 4% covers my share of the taxes. I make less than $11,500/year so I can do that. If I can pay my taxes at year end then I will put 100% into my IRA instead. Can I or do they have to paid when my employer pays its share?
Comment on smoothy's post
My employer IS withholding my share. I don't want to be sending checks to the gov't every other week which is why I leave about 4% every paycheck in there to cover my taxes (net is $0 paycheck). Of course I'm paying withholding on the 4%...
Comment on AtlantaTaxExpert's post
The 4% is "about" and varies. It gets adjusted so that my paycheck is $0. I am an employee that gets a W-2. I'd like to put 100% in my IRA. If I do, when do I have to pay my FICA taxes-monthly, quarterly?
Comment on AtlantaTaxExpert's post
Both the employer AND employee pay FICA taxes.
Comment on AtlantaTaxExpert's post
As I reread your comment I think you mean that the employer is the one who actually sends the money to the gov't. I'm going to check with our accountant and she what she says.