topic Re: Social Security Tax Maximum: in Retirement tax questions

Social Security Tax Maximum:

sacosta13 — Mon, 25 Nov 2019 22:48:56 GMT

Is the maximum the same if I work for the same company but the employer changes or is that considered multiple employers?

Re: Social Security Tax Maximum:

VolvoGirl — Mon, 25 Nov 2019 22:53:41 GMT

If you had more than one employer and the total of box 4 (only box 4 not box 6) on all your 2018 W2s for Social Security is more than $7,960.80 you get the excess back on your tax return. And it is for each spouse separately, not combined. Check 1040 Schedule 5 line 72 for it.

If you get 2 W2 with different EIN for the employers then the above applies. If it is all on the same W2 with the same EIN employer then if you go over the $7,960.80 you have to get the excess back from the employer and get a corrected W2.

You pay Social Security on max wages of $128,400 for 2018. 2019 amounts might be a little higher.

Re: Social Security Tax Maximum:

VolvoGirl — Mon, 25 Nov 2019 23:04:12 GMT

OK I looked up for 2019.....

Max SS (W2 box 4) for 2019 is $8,239.80 on Wages of 132,900.

Re: Social Security Tax Maximum:

dmertz — Mon, 25 Nov 2019 23:40:24 GMT

@sacosta13 wrote:
Is the maximum the same if I work for the same company but the employer changes or is that considered multiple employers?

The maximum is the same either way. In the long run it doesn't really matter whether they are treated as one employer or two. If they are considered to be two separate employers and you receive two separate Forms W-2, the amounts shown in box 5 will be added together and if the total exceeds the annual maximum the amount in excess of the annual maximum will be credited on Schedule 3 of your tax return.