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Retirement tax questions
The SS and Medicare tax don’t affect your tax return. They are mandatory taxes, not withholding. What do you think is off? Looks like your W2 box 1 wages is about $348,124.13? You only get credit for the 67k withholding in box 2.
You paid the max for Social Security. Social Security in box 4 is 6.2% of box 3. For 2024 the max for Social Security is $10,453.20 on $168,600 of wages (168,600 x 6.2%). Medicare in box 6 is 1.45% of box 5, no max.
April 16, 2025
2:31 PM