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New Member
posted Apr 12, 2025 2:29:59 PM

My tax filing from w2 document is showing witholding of about 67K.But is off- Federal Income Tax: 57,241.06 Social Security Tax: 10,453.20 & Medicare Tax was: 5,047.80.

my tax bill is much higher than last year and aggregate income and calc doesnt support this. its nearly 2x last year. I feel part of what was already witheld from my W2 isnt being calculated either social security or medicar taxes paid

0 4 967
4 Replies
Expert Alumni
Apr 16, 2025 2:23:09 PM

Are you saying that you feel that your assessed taxes are too high, especially compared to last year?

 

Federal Income Tax, Social Security Tax, and Medicare Tax are three totally separate taxes. The $10,453 Social Security tax is the max you can pay (the cap for SS wages is $168,600). What is paid for one tax does not carry over to another.

 

If you have last year's return, pull it out and compare line by line the 1040s and Schedules 1, 2, and 3. When there is a jolting difference between one year and the next, it's typically one particular thing. Do the comparison until you find it.

Level 15
Apr 16, 2025 2:31:17 PM

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.  

Level 15
Apr 16, 2025 2:35:36 PM

Where are you seeing or getting the 67k?   Is 57k the federal income tax in box 2?  How much state income tax is in box 17? 

Level 15
Apr 16, 2025 3:40:58 PM

If your withholding on 1040 line 25a or 25c is too much it might be because of the Medicare Tax for high income, Form 8959

What Is Form 8959: Additional Medicare Tax - TurboTax Tax Tips & Videos