Should my social security tax be 0.00 instead of what was paid, or is this an error?

[aneunaugen]

My income was 39300 and approx. 2300 was withheld. According to Turbo tax this was incorrect.

[DianeW777]

No, it should not be zero. The social security tax based on your income should be $2,436.60 ($39,300 x .062); and your Medicare tax should be $569.85 ($39,300 x 0145).

Since the amount is low, you should contact your employer to be sure your W-2 is correct.  This may be the reason TurboTax is indicating the amount is incorrect. I have not experienced this with this entry in TurboTax.

[SteamTrain]

...BUT...if you are entering your W-2 information....but don't have your ACTUAL W-2 yet  (most likely you don't have it yet ) ....you need to wait for that form.

Sometimes, employees have pre-tax deductions from their wages that reduces box 1 and box 3 values on the W-2....so your winging-it with your paystubs could be way off from what the actual form boxes will display.

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Unless, you are not talking about W-2 income and need to clarify exactly what you are referring to ??

[aneunaugen]

Ah that makes sense. I haven’t gotten my w2 yet do I’ll wait for it before filing

thank you!

[aneunaugen]

Ok thank you! I haven’t gotten my w2s yet and was attempting to get a head start with paystub info. I’ll wait and see what the actual w2 says. Thanks again

[Opus 17]

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@aneunaugen wrote:

Ok thank you! I haven’t gotten my w2s yet and was attempting to get a head start with paystub info. I’ll wait and see what the actual w2 says. Thanks again

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Social security is 6.2% and Medicare is 1.45%.  Some employers combine these into a single line at 7.65%, which is one of the reasons that it is hard to guess what your W-2 will be from your pay stub.

Also, sometimes your W-2 taxable box 1 income can be different from your box 3 income subject to social security.  For example, if you participate in a pre-tax retirement plan like a 401(k), that money is not subject to income tax but is subject to social security tax.  Other deductions, like medical insurance premiums, are subtracted from both your box 1 wages and your box 3 social security income.  Unless you really understand the laws and your pay stub, it's hard to anticipate your W-2 accurately.

After you get your W-2, and compare it with your pay stub, we can help you understand the differences, or you can ask your employer to explain.  

Lastly, if your SS withholding is $2300, that would mean your SS income is about $37,100.  If your gross pay is $39,300, then you probably have $2,200 of pre-tax payroll deductions like medical insurance, medical FSA, dependent care FSA, or something else.