Your portion of Medicare and Social Security tax is comprised of two parts:
- Social Security: 6.2% (you and your employer will each pay 6.2% on wages up to $128,400).
- Medicare: 1.45% (you and your employer will each pay 1.45% on all your wages, no matter how much you earn).
So doing the math for the wage information you provided, it seems like you paid too much. No worries, TurboTax will "automatically add the excess to your federal refund or subtract it from federal taxes you owe." The software will recognize the excess from your W-2 entries. You can review the excess withholding subtraction, which is reported on Line 71 of your 1040 tax return.
Keep in mind, the above calculation only performs automatically if you had multiple employers. If you had only one employer, you need to request a Corrected W-2 from your employer.
If your employer will not provide a Corrected W-2, see the TurboTax FAQ below for instructions on how to obtain a refund for the excess withholding.
https://ttlc.intuit.com/replies/3300261
