I'm entering payroll info from an employer including salary,($4849) and social security ($300) and medicare ($70.32)deductions. Obviously a small, part time job. Turbo Tax is prompting me "it looks like you've had too much deducted for Soc SEc and Medicare from your pay. Contact your employer to get a refund and a revised W-2."
I contacted the employer and he says the deductions are correct. What do I do?
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On your W-2 reduce the amount of Medicate taxes withheld by $0.01 cent and that should correct the error. Medicare taxes are 1.45% of the amount in box 5.
For the Social Security taxes they cannot be more than 6.2% of the amount in box 3. So reduce the amount in box 4 by 1 or 2 cents as necessary.
Did you enter the 4849 in boxes 1 AND 3 AND 5 ?
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