My son had a part-time job. he earned 1993.69 and had $123.61 withheld as social security tax. Turbo-Tax says this was too much and the amount should be $74.03. But 123.61 is 6.2% of 1993.69, so it seems to me that the amount withheld was correct. Am I missing something? this seems like a pretty basic function that Turbo tax would get right. This was his only wage income.
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This can happen sometimes if the W-2 was imported or it may just be a glitch that can be corrected by deleting the W-2 and then re-enter manually.
I will just ignore it. I did enter it manually and the SS tax witheld is 6.2% of the wages, just like it should be. i am suprised TT would have such a glitch, so I keep thinking there is an error, but 124 is 6.2% of 1994. Thanks.
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