S Corp Employment tax with other W2 income

[ryangllc]

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 

[Kat]

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

[ryangllc]

Thank you so much Kat. 

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

Thanks 

[Kat]

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.

[Kat]

@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!