I am doing my 2023 Federal Income tax, and find an error (maybe) in Medicare Tax withheld calculation in TurboTax.
My W2 Info:
1. Wages: $236,471
5. Medicare Wages: $266,210.
6. Medicare tax withheld: $4,455.93
The standard Medicare tax rate is 1.45%, which means my Medicare tax withheld should have been $3860.05.
The 0.9% additional Medicare tax over $250,000 for Joint filing adds an additional tax with held of $145.89. So my total Medicare Tax withheld should have been $4005.94.
But TurboTax does not recognizes the over payment, but rather asks me to pay the additional 0.9% or $145.89 as additional tax.
Does TurboTax has a bug here or am I missing something here.
Thanks a lot.?
