how to reduce taxable income for high earners 2020
If your Income was over 137700 in 2020 132900 in 2019 then all income over that amount does not pay Social Security. This is called the Social Security Cap.
If this policy were enacted it would.
. Keep in mind the reason I say all income here is because were including your W-2 aka regular job income. High-Income Earners Higher-salary earners should focus on contributions to a tax-deferred account such as a 401k or traditional IRA. Lets say for example you earned.
He would treat any income above that level similarly to the first 137700 and have it fully exposed to FICA taxes. Now for you high income earners. The immediate benefit can lower their marginal tax bracket.
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Most people wont have to worry about Roth IRA income limits but if youre a high earner keep these in mind so you dont accidentally wind up with a. President-elect Joe Biden suggested that in addition to increasing marginal tax rates on corporations and high income earners he would remove the cap on FICA taxes for those earning above 400000 in income.
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