I have a 457 through my employment. I am in a position that I would like to have my whole paycheck go to 457, however, I have to put an actual $ amount that I want contributed to my 457 for the specific pay period. I have a pension so I don't pay into Social Security, however, I pay into Medicare Employee Tax. Is the 1.45% Medicare tax on my full gross amount? (There isn't a way to lower Medicare tax.) i.e. Hours worked times wages = x dollars. 1.45% is applied on x dollars? And then all my deductions take place such as pension contribution, health insurance etc? I hope my question makes sense and I appreciate any help in advance.
