Do you both agree that total payroll taxes should be 12.4%? YES ... 6.2% for the employee and 6.2% for the employer.
According to IRS website.
https://www.irs.gov/taxtopics/tc751#:~:text=The%20current%20tax%20rate%20for,employee%2C%20or%202.9%.... Keep reading ... the limits section.
In my case, it is very clearly crossed total 12.4% of Social security tax. IRS is over collecting taxes here.
Here, my maths is very clear. Yes ... and as an employee (who only pays 1/2 of that 12.4% tax) you can get an excess that was withheld from your paychecks on the form 1040 if you had more than one employer during the year. If you only had one employer during the year and they made the error then they need to correct it and refund your excess withholding to you. However each of the individual employers did not overpay ... each employer withholding/payment is calculated independently of any other employer the employee may have during the year. There is no way arround this fact and no solution to the inequity of it.
