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Old 01-19-2009, 11:01 AM
Location: Apex, NC
1,341 posts, read 5,865,673 times
Reputation: 596


I'm self employed (sole employee of a C Corp) and my income exceeds the salary cap for social security's FICA. Until I reach the salary cap (for 2009, it's $106,800) Quickbooks essentially sets aside 12.4%. 6.2% is taken from my paycheck, and 6.2% is set aside from my business checking account.

My question is this. Is it possible to evenly distribute my FICA contribution throughout the year? Paying $1,103.60 each month for 12 months evenly distributes the expense. However, Quickbooks imputes a much higher FICA contribution from January onward until I hit the $13,243.20 FICA limit. Around mid-year my net income jumps (The 12.4% FICA "tax" goes away), but I'd rather budget a fixed monthly FICA payment throughout the year.

Can I distribute the $13,243.20 in combined personal/corporate FICA contributions from January through December without paying a penalty?

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