How do we lower payroll taxes other than 401k?

[Cool]

Any thoughts guys?

 

[chingchang]

HSA if your employer offers , FSA (you cant use FSA for medical if you already doing HSA but you can use it for dental and vision) traditional IRA assuming you qualify (income limits), transit expenses , Dependent care FSA if you have kids going to daycare(max 5K)

[nag]

1 hour ago, Cool said:

Any thoughts guys?

 

take company stocks RSU ..if they are offering

[Konebhar6]

10 minutes ago, nag said:

take company stocks RSU ..if they are offering

How does that lower tax?

[nag]

58 minutes ago, Konebhar6 said:

How does that lower tax?

you are right bayya.. I wanted to mention about Employee Stock Purchase Plans (ESPPs).  ESPPs also doesn't lower your taxes. But you get the company stock for a discount. It doesn't help you save taxes but you can acquire stocks for less.  Money saved is money earned concept lo chepthunna.

Again, there are lot of factors to consider for ESPPs .. vesting period.. company's overall performance so that stock price goes up consistently.

[socrates]

HSA, FSA, commuters tax benefits, higher allocations for 401k…etc

but these options will substantially reduce your take home salary, try these if you don't have any  monthly commitments like mortgage…etc or if your spouse is earning good to manage the house without depending on your salary 

all these options are like,  live like a beggar now and be happy in future kind of options

so choose accordingly 

[nag]

1 hour ago, nag said:

take company stocks RSU ..if they are offering

@cool I wanted to type ESPPs instead of RSU in the above comment

[chingchang]

11 minutes ago, nag said:

@cool I wanted to type ESPPs instead of RSU in the above comment

ESPP is after tax money man it doesnt save any taxes ... not worth it unless your company is giving good discount .. there is usually a 6 month - 1 year hold time for ESPP and you have to pay tax whenever you sell them after holding period 

[aiteok]

3 hours ago, Cool said:

Any thoughts guys?

 

are you on full time? no options other than 401k, hsa and fsa.

If you are on C2C, you can set up your own company, create a SEP IRA, and contribute up to 65 K anukunta per year.

[socrates]

8 minutes ago, chingchang said:

6 month - 1 year hold time for ESPP

most of the companies are doing 3 months and give 5% discount 

but i agree with you its not worth 

[Konebhar6]

1 hour ago, nag said:

you are right bayya.. I wanted to mention about Employee Stock Purchase Plans (ESPPs).  ESPPs also doesn't lower your taxes. But you get the company stock for a discount. It doesn't help you save taxes but you can acquire stocks for less.  Money saved is money earned concept lo chepthunna.

Again, there are lot of factors to consider for ESPPs .. vesting period.. company's overall performance so that stock price goes up consistently.

ESPPs are a no brainer. Sell on the day available. You will always have profit. 
RSU also no brainer. Free stocks

[papampasivadu]

4 hours ago, Cool said:

Any thoughts guys?

 

Kids unte valla college funds ki contribute cheyocchu 529 plan...growth is tax free but contributions are not...so payroll taxes reduce avvav