Category: Taxes

GIMME SHELTER: Sheltering Medical Premiums From FICA Payroll Taxes With Cafeteria Plans

We have learned a lot these last few months here at Max Out of Pocket. Since Max OOP is just an average Joe Max, we prefer to keep things in nice, bite-sized chunks where we can. Hopefully that works out for everyone as we take a trip through the cafeteria today and pick up some medical insurance. The Rundown With an initial focus on FICA payroll taxes, we learned that most Max Out of Pocket...

Medicare FICA: Tax or Premium?

Max Out of Pocket has a question for you. Do you have any clue how much you pay into the Medicare program out of every pay check? I mean come on, what else do you have to worry about on a Saturday afternoon?   Well, a big piece of the answer is in your FICA (Federal Insurance Contributions Act) payroll taxes. It is an important concept to understand before we get too far into your...