topic S Corp Employment tax with other W2 income in Get your taxes done using TurboTax

S Corp Employment tax with other W2 income

ryangllc — Fri, 26 Apr 2019 00:38:46 GMT

Hi I have a day job on W2 and income is above the SSN tax limit of 2018. In the meanwhile I have an s corp and paying myself salary also paying employment tax for both employer and employee part, at the 15.3% instead of 2.9%

Obviously my day job employer is paying SSN tax employer part for me and myself is paying its employee part. so question is, after the threshold is hit, can I get back the extra employment tax my scorp paid (12.4%) or I can only claim half of it?

Thanks,

Richard

Re: S Corp Employment tax with other W2 income

Kat — Fri, 26 Apr 2019 02:44:30 GMT

As you know, Social Security tax for 2018 is due only on the first $128,700 of earned income. Medicare taxes are due on all earned income, with no limit.

SS taxes are 6.2% (your employee portion) on that first $128,700. So any overpayment of SS tax (including what you submitted as your S-Corp) should be credited on your tax return. This will show up either as a refund or a decrease in tax liability, whichever fits your situation. See the TurboTax FAQ info below for more explanation.

"Can I get a refund for excess social security tax withheld?"

https://ttlc.intuit.com/replies/3300261

Re: S Corp Employment tax with other W2 income

ryangllc — Fri, 26 Apr 2019 03:35:55 GMT

Thank you so much Kat.

So what will happen to the overpayment by my scorp? I mean my scorp's employer part

Thanks

Re: S Corp Employment tax with other W2 income

Kat — Fri, 26 Apr 2019 13:15:41 GMT

This will be a dumb question. Do you file your S-corp AND W-2 income on the same return? As I understand it, the S-corp requires that you use TurboTax Business (not to be confused with TurboTax Self Employed). I'm unfamiliar with TurboTax Business, so I may have to punt your question to one of my SuperUser colleagues.

Re: S Corp Employment tax with other W2 income

Anonymous_ — Mon, 16 Dec 2024 14:13:28 GMT

Re: S Corp Employment tax with other W2 income

Kat — Fri, 26 Apr 2019 18:07:45 GMT

@Anonymous_That's what I was thinking insofar as the treatment of the overpayment would be handled. But not knowing for SURE about TurboTax Business OR corporations (once again, I overstep), I'm very thankful for your input here. I don't even know what an 1120-S is. 😏 You're much appreciated!