Discussion:SS & MEDICARE TAX
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Discussion Forum Index --> Tax Questions --> SS & MEDICARE TAX
| 6 February 2006 | |
| PAYMENTS MADE BY AN S CORPORATION FOR HEALTH INSURANCE PREMIUMS ON BEHALF OF A MORE THAN 2% SHAREHOLDER. ARE THES PAYMENTS SUBJECT TO MEDICARE & FICA TAXES.
CAN THE SHAREHOLDER DEDUCT THIS PREMIUM WHICH IS INCLUDED ON THEIR W-2 AS AN ADJUSTMENT TO INCOME ON THEIR 1040 OR MUST THEY DEDUCT IT ON SHCEDULE A AS MEDICAL EXPENSE SUUBJECT TO THE 7 1/2% LIMIT
THE S CORPORATION PAYS FOR NO OTHER EMPLOYEES. | |
| 6 February 2006 | |
| There is a very, very long previou discussion on this that you may want to find.LJACPA 08:25, 6 February 2006 (CST) | |
| 6 February 2006 | |
| I was going to say that but LJACPA beat me to it! I was also trying to find the topic for you, I think the heading was "Health Insurance....Scorp...".
To answer your question...I believe no FICA, just federal withholding on the insurance premium which is included as income on W-2 - that's the only way you can deduct as SE health insur. premium directly on page 1 of 1040 instead of itemizing it. Please see the very very long discussion on this some where on the forums. | |
| 6 February 2006 | |
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