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An alternative plan for FICA could involve restructuring the current system of funding Social Security and Medicare by implementing a different tax or revenue source to support these programs. This could include options such as increasing income tax rates, implementing a consumption tax, or exploring other forms of revenue generation to ensure the long-term sustainability of these social welfare programs.
What else can I help you with?
What is the 401(a) FICA alternative plan and how does it differ from traditional FICA contributions?
The 401(a) FICA alternative plan is a retirement savings plan offered by some employers as an alternative to traditional FICA contributions. In this plan, employees contribute a portion of their salary to a tax-deferred account, which can be invested for retirement. The main difference from traditional FICA contributions is that the 401(a) plan allows employees to have more control over their retirement savings and potentially earn higher returns through investments.
Do you pay FICA on 401k distributions?
No, you do not pay FICA taxes on 401(k) distributions.
Do you pay FICA on 401k withdrawals?
No, you do not pay FICA taxes on 401(k) withdrawals.
Do you pay FICA on your 401k contributions?
No, FICA taxes are not deducted from 401(k) contributions.
Is FICA deduction before or after 401K deductions?
A deduction is made "pre-tax" if it avoids at least one form of taxation. Although contributions to "traditional" versions of 401(k) and 403(b) retirement plans, as well as 457 plans, are "pre-tax" deductions for purposes of Federal income tax, they ARE subject to FICA withholding. In contrast, Section 125 ("Cafeteria Plan") healthcare premiums are deducted before FICA liability is calculated.
What is the 401(a) FICA alternative plan and how does it differ from traditional FICA contributions?
The 401(a) FICA alternative plan is a retirement savings plan offered by some employers as an alternative to traditional FICA contributions. In this plan, employees contribute a portion of their salary to a tax-deferred account, which can be invested for retirement. The main difference from traditional FICA contributions is that the 401(a) plan allows employees to have more control over their retirement savings and potentially earn higher returns through investments.
On a gross-up Short Term Disability plan is the employer responsible for paying FICA taxes during the first 6 months of disability?
No
What does you leave self an out mean?
The actual quote is "leave yourself an out". Which means that an alternative plan or options will be left available in order to allow for an alternative choice in contrast to the plan decided on.
What is sampling plan?
There are two major alternative sampling plans:
Which state proposed an alternative to the Virginia Plan?
New Jersey
Who pays FICA taxes?
employers pay the fica tax
What is the FICA withholding rate for 2011?
what is the FICA rate for 2011
What does alternative scheme mean?
"Plan B" is a great example: Having a second plan ready to go means having an alternative scheme. But it could also mean a "color scheme": i.e: An interior decorator should always have an alternative scheme in mind, in case the buyer is not pleased with their first suggestion.
What are two of programs that FICA funds?
Social Security and Medicare are funded by FICA
What is the frequency of FICA and witholding depends on the amount taxes are due?
frequency of fica payments
If employee is exempt from FICA is employer also exempt from contributing to FICA for that employee?
Yes.
What is a purpose of a fica tax?
The fica is taken out of your paychecks and added to the Social Security fund.
