- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I have two W-2 Forms; is there a maximum Medicare tax or social security tax that can be withheld in a single year?
If yes, how much and how do I know if the refund shows on my return?
Topics:
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I have two W-2 Forms; is there a maximum Medicare tax or social security tax that can be withheld in a single year?
There is no maximum for Medicare, but for Social Security, the maximum taxable wages is $118,500 (2016).
If it is the case that neither W-2 was over $118,500 for Social Security wages but was only in the aggregate, the TurboTax will detect that more than $7,347 (6.2% of $118,500) was withheld and return the excess to you as a tax payment on line 71 on page 2 of the 1040.
Still have questions?
Make a post
Or browse the Forums