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One Response to “Is A Fica Alt. Retirement Plan Deductable ? Does It Go Under The Elective Retirement Plan Or The Traditional?”
FICA is the fancy acronym for Social Security. It is not deductible for wage earners. For self-employed, 50% of it is deductible as an adjustment to gross income in order to account for the fact that the self-employed pay 100% of the tax while wage earners pay half and their employer pays half.
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FICA is the fancy acronym for Social Security. It is not deductible for wage earners. For self-employed, 50% of it is deductible as an adjustment to gross income in order to account for the fact that the self-employed pay 100% of the tax while wage earners pay half and their employer pays half.