Social Security Refund on Taxes?
I'm working two jobs that pay over $150k apiece. I know total SS tax contribution for 2020 is only $137,700. Since both employers are taking SS out of my paychecks, how do i calculate the tax credit/refund when filing taxes next year? I'll have paid way over the $137k into social security. Thanks,
- NALv 74 months ago
You would claim a credit on 1040 schedule 3, line 11 for excess FICA withholding.
- JudyLv 74 months ago
If you use tax software, it should do th calculation. What was deducted, minus the maximum.
- Max HooplaLv 74 months ago
The withholding on the excess over tax on $137K is credited as income tax withholding.
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- Anonymous4 months ago
You make way too much money already.