Michael Ryan Money
michaelryanmoney.bsky.social
💰 Making Money Simple, One Tip at a Time 📖 Founder of MichaelRyanMoney.com 🎙 Featured Expert in Personal Finance 🌐 Learn more: multy.me/MRM
👤 Joined on 07 December 2024
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- 07 Ara 2024, 12:18
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Only a slight one, Michael 😄 Social Security tax stops at the wage base, but Medicare keeps going with no cap, plus the extra 0.9% under IRC 3101(b)(2) on high wages. And the IRS does like that salary to be reasonable.
Show PostBusiness owners should note the ceiling too. A higher wage base means more of a well-paid owner's or employee's salary stays subject to the Social Security portion, so next year's payroll budget and any owner-salary decision should be run at the new base, not this year's.
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That's the actual gotcha. People assume one 5-year clock covers everything, it's way easier to believe than tracking separate timers for separate conversions.
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I am not holding my breath about Congress fixing it. I have already recalculated our retirement finances assuming a 22% cut. I am terrified for those who will be forced into extreme poverty by this cut.
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Most people don’t struggle with money because they lack effort or intention. They struggle because their financial life has shattered into fragments. jimkatzaman.substack... featuring Experian Michael Ryan Money
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