Kat
Alumni
Alumni

Get your taxes done using TurboTax

As you know, Social Security tax for 2018 is due only on the first $128,700 of earned income.  Medicare taxes are due on all earned income, with no limit.  

 

SS taxes are 6.2% (your employee portion) on that first $128,700.  So any overpayment of SS tax (including what you submitted as your S-Corp) should be credited on your tax return.  This will show up either as a refund or a decrease in tax liability, whichever fits your situation.  See the TurboTax FAQ info below for more explanation.

 

"Can I get a refund for excess social security tax withheld?"

https://ttlc.intuit.com/replies/3300261

 

 

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***