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FICA taxes doesn't seem right in year before and after we retire

Submitted by jgalkowski@comc... on 9 August 2009 - 7:17pm

In the year before we retire, one of us anticipates ~100K in income but the FICA tax is only $1450 in ESP planner for that year. Similarly the other wage earner shows $6781 in FICA tax for the first year of retirement with no income. What am I entering wrong or misinterpreting?

Thanks

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Submitted by Dan Royer on 9 August 2009 - 10:20pm.
1

Not sure off hand, but go to the Total Income report and look at the total income. Also, try generating a PDF report and looking at the very last report, the one that shows the tax tables. That might reveal something.

There could be some taxation on Social Security going on here.

BTW, have you downloaded the latest update? I believe a new one went up today and there's a chance that you are in a tax situation with a calculation quirk that may have been addressed in this recent update. I doubt it, but you may as well download and install the UPDATE file anyway.

Dan

Submitted by Dick Munroe on 10 August 2009 - 6:47pm.
2

It may be that you also have an older version of ESPlanner. IIRC, there was a bug fixed in either this release or the one last quarter that dealt with bogus FICA accounting for partners. If you're running a partner case, this could be the problem. Upgrade and see if the problem goes away. Otherwise, open a support ticket, upload your database, and tell us exactly which family/profile to run to recreate the problem and what you think is wrong in the reports.

Best,

Dick Munroe

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