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candylane10
New Member

Can a Taxpayer who's both self-employed and a W2 employee get credit for the EMPLOYER part of his self-employment FICA tax, if his W2 employer already paid the max FICA?

If Taxpayer A is both an independent contractor (with self-employed business income) and an employee (with W2 wages, paid by a Third Party Employer), can Taxpayer A:

  • get credit for the amount he paid for the employer portion of his self-employment social security tax, if 
  • his Third Party Employer already fully paid the employer portion of the social security tax on Taxpayer A’s maximum taxable earnings ($128,400 in 2018) from Taxpayer A’s W2 job? 

I know Taxpayer A can get credit for the employee portion of any social security tax ‘overpaid’ across the two jobs (independent contractor work and W2 job) combined.

Please provide the source and/or authority for your answer, if possible.

Thank you!

2 Replies
Critter
Level 15

Can a Taxpayer who's both self-employed and a W2 employee get credit for the EMPLOYER part of his self-employment FICA tax, if his W2 employer already paid the max FICA?

Ok ... you will not pay more than the max SS taxes allowed for the year no matter how many ways you earn income.  The SE form will make sure that does not happen.  

VolvoGirl
Level 15

Can a Taxpayer who's both self-employed and a W2 employee get credit for the EMPLOYER part of his self-employment FICA tax, if his W2 employer already paid the max FICA?

And you know only the Social Security maxes out.  Not the Medicare part.

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