FICA tax for life insurance over $50,000
by Curt Kvamme
(Rice MN 56367 USA)
We just hired a Pastor who will get a W-2 but is considered self employed.
How do I handle the life insurance costs on his paycheck for the FICA tax? He has no FICA wages. The W-2 shows amounts in box 1 but not 3 and 5.
It'll be only about $10-15 per month but I want to set it up correctly in Quickbook so there's no problems down the road at year-end.
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