Hello everyone I own a small business and was thinking about paying my
wife a small salary so she can contribute simple ira to her retirement
account. I am thinking a salary of $13550 that will allow her to max
out her simple ira contribution of $12500 that will still leave room
to pay for 7.65% of medicare and SS tax which is around $1037. after
simple ira contribution and medicare SS tax there will be almost
nothing left to be taxed on federal income tax. Is my math correct?
- posted 5 years ago