Social Security in case of 2 W2s

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andyandyandy
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Social Security in case of 2 W2s

Post by andyandyandy » Sat Mar 03, 2018 10:12 pm

All,

Social Security tax limit for 2017 is 127,200. With my W2 salary from my employer and salary on W2 from my own company and total exceeding the limit- How do I ensure in tax filing that I am not paying Social Security above 127,200? Or is it per W2?

Thanks for your input!

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tfb
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Re: Social Security in case of 2 W2s

Post by tfb » Sat Mar 03, 2018 10:17 pm

Tax software will calculate the excess paid by the employee as a credit. Your own company won't get any credit back.
Harry Sit, taking a break from the forums.

JBTX
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Re: Social Security in case of 2 W2s

Post by JBTX » Sat Mar 03, 2018 10:21 pm

It is handled via your 1040. Any excess fica paid in will show as an overpayment.

Spirit Rider
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Re: Social Security in case of 2 W2s

Post by Spirit Rider » Sat Mar 03, 2018 11:22 pm

tfb wrote:
Sat Mar 03, 2018 10:17 pm
Tax software will calculate the excess paid by the employee as a credit. Your own company won't get any credit back.
This is why an S-Corp can be a bad idea when your business profit * 0.9235% + other W-2 wages > SS max wage base. For the amount in excess you are paying 6.2% in SS taxes to save 2.9%, never a good thing.

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