Evon Mendrin
speaker
181 appearances
1 recordings
1 series
first heard Sep 2025
last heard 25 Sep
Evon Mendrin’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah, exactly.
Gotcha.
Gotcha.
Okay.
This is helpful.
And again, this is if we are trying to skew that profit sharing contribution as much as possible, if that's the goal to the accounts of the owners, as we're using this as a tax planning lever and an investment lever for the owners, this is one really great way to do that.
And how does the wage of the owners fit into this too?
Got it.
And so it's really important to test that.
if we're running these profit-sharing contributions with the administrator, for example, Matt's business over there, it's important to test out different wages to see how that impacts these results.
Because there's always this tension here between keeping the wages down towards the lower end of what's a reasonable, quote unquote, reasonable wage for an escort for tax planning purposes, because we're trying to limit those Social Security and Medicare taxes.
But on the other hand, for retirement plan contributions, like profit-sharing contributions,
The tension is going the other way is we may want to increase those wages to get more of that profit sharing contribution into the account of the owner.
And so that's a really important thing to test and to see what makes the most sense.
Because for the most part, the owners are, I think, sort of trained at this point a lot of the times to pay as low of a wage as possible.
to their detriment at times.
And when I'm running a tax projections and working with the tax professional, we want to see if we get a profit sharing number from an administrator, for example, we want to see if we increase wages and do this profit sharing contribution, what does that do to the tax outcome, including the extra FICA taxes?
But it may still very well make sense, even if you have to pay more into Social Security and Medicare taxes.
So keep that in mind, owners.
That wage is really important.
Showing 81–100 of 181 · page 5 of 10
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