medical insurance pr deduction wh
is this exempt from fica and wh ??
1
11
cDA2c6Ylar3QjyacfA8pyY
11/03/09 11:39am PST
3 Replies
sjrcpa
Questions asked: 20
Questions answered: 4390
Points earned: 13144
Questions answered: 4390
Points earned: 13144
Accountant Community AllStar
Advisory council of Accountant community power users.
ProAdvisor
Members of the QuickBooks ProAdvisor Program
11/03/09 11:48am PST
If its pretax (125 Plan) it is exempt. If its post tax it is not exempt.
The more I know, the more I don't know.
clmakin
Questions asked: 1
Questions answered: 425
Points earned: 926
Questions answered: 425
Points earned: 926
ProAdvisor
Members of the QuickBooks ProAdvisor Program
11/03/09 12:43pm PST
For employees, it is exempt from fica and withholding, provided there is a Section 125 plan in place. For S-Corp shareholders, it is subject to withholding, but not fica.
Mt Juliet CPA
Questions asked: 61
Questions answered: 13173
Points earned: 28390
Questions answered: 13173
Points earned: 28390
Accountant Community AllStar
Advisory council of Accountant community power users.
11/03/09 7:17pm PST
Latest post
If it is part of a Formal Section 125 plan the deductions are exempt from Fed and Fica Taxation
I salute all our current Military and our Veterans.
