A: Discontinuing payment of Social Security on all income up to the Social Security wage base, and Medicare taxes on all earned income, never has been an option and has nothing to do with how much you've paid into the system in the past and whether your future benefits will increase.
You can take distributions on the S corporation profits, but this is contingent on your taking "reasonable" wages for the services you render.
Send your money management questions to [email protected]
. Answers to our readers' questions were provided by Medical Economics consultant David J. Schiller, JD, Schiller Law Associates, Norristown, Pennsylvania.
Article
Social security tax payments not optional
Understand how Social Security tax payments work.
A: Discontinuing payment of Social Security on all income up to the Social Security wage base, and Medicare taxes on all earned income, never has been an option and has nothing to do with how much you've paid into the system in the past and whether your future benefits will increase.
You can take distributions on the S corporation profits, but this is contingent on your taking "reasonable" wages for the services you render.
Send your money management questions to [email protected]
. Answers to our readers' questions were provided by Medical Economics consultant David J. Schiller, JD, Schiller Law Associates, Norristown, Pennsylvania.
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Proactive denial management: A revenue game changer for small practices
The peril of relying on one person at your practice
A decade of value-based care: Tammy Schaeffer, JD, RN
How behavior patterns drive or derail your practice
How to understand the difference among potential buyers of your medical practice
How pay-first and direct primary care models are reshaping practice finances and patient experience