Box 1 reports your total wages, tip and other compensation. However, this box does not include employee elective deferrals (such as employee contributions to a 401(k) plan. Box 1 also includes your social security tips shown in Box 7.
Box 3 reports the total amount of wages subject to the Social Security tax. This Box shows the total wages paid (before payroll deductions) subject to employee social security tax but not including social security tips and allocated tips. This Box does include any employee Elective deferrals to a 401(k) plan for instance. So yes your Box 3 would be your social security wages less your social security tips which are reported in Box 7.
The current Social Security tax rates is 6.2%. So that is correct that it would be 6.2% of Box 1. Since your social security wages are reduced by your social security tips
You will not have a residual social security tax liability. These are reported to your employer, and the social security withholding should be properly applied by your employer or payroll company.
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