You can stash pre-tax or tax-deductible cash in your health savings account and have the money accumulate free of taxes. Withdrawals for qualified medical costs are tax-free.
HSA if you have self-only insurance coverage. This amount goes up to $7,100 for family plans
This person would save more than $535 annually in Social Security and Medicare taxes alone each year, according to Pete Isberg, vice president of government relations at ADP, a payroll company. This participant would save even more if he or she resides in a state that doesn't subject HSA contributions to income tax.• Contribution: $7,000Total savings: $2,635.50
Remember, companies split the cost of the FICA tax with their workers, so employers' contributions to HSAs also avoid this levy.
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