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- Dec 8, 2005
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Hi, I understand that as a dentist running your own dental practice, you are required to pay a match on your employees social security tax and half of their medicare tax. Your also supposed to pay an unemployment tax for them. This is on top of your own federal/state income taxes and self employment tax. Is this correct? Seems like your losing a ton off your income.
6.2% + 1.45% of each employee's income for Social Security and medicare, plus another 6.2% for their unemployment tax, plus your own ~25% income tax and ~5% state tax, plus your 12.5% SS tax and 2.9% medicare tax. Thats like you losing half of whats left over for you from your gross revenue minus overhead and salaries. (Prolly doesnt belong in predental forum but this forum gets more traffic)
6.2% + 1.45% of each employee's income for Social Security and medicare, plus another 6.2% for their unemployment tax, plus your own ~25% income tax and ~5% state tax, plus your 12.5% SS tax and 2.9% medicare tax. Thats like you losing half of whats left over for you from your gross revenue minus overhead and salaries. (Prolly doesnt belong in predental forum but this forum gets more traffic)
