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Social security witholdings

My spouse changed positions (and entities) within her Company. As a result, her social security withholdings reset as if she just started with the company and to date she has exceeded the annual requirements based on her income. Should we wait until next year to file for a refund or is there a better way to offset the difference? Granted, the additional funds will certainly be nice to have however she was planning on her net pay to increase to help now rather than later. It was suggested that she increase her dependents to offset the difference but is there any other way to correct this? According to her calculations she will have paid an additional $6000 to SSI by the end of the year if nothing is done. 

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Accepted Solutions

Social security witholdings

Since the over-withholding of Social Security is caused by having moved from one employer to a different employer (i.e., different EINs), I don't believe there's any interim relief available to her; the excess will be claimed as a credit on the 2019 income tax return.

 

Submitting a new W-4 and claiming additional allowances should be a straight-forward way of increasing the current paycheck's "net" figure. 

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1 Reply

Social security witholdings

Since the over-withholding of Social Security is caused by having moved from one employer to a different employer (i.e., different EINs), I don't believe there's any interim relief available to her; the excess will be claimed as a credit on the 2019 income tax return.

 

Submitting a new W-4 and claiming additional allowances should be a straight-forward way of increasing the current paycheck's "net" figure. 

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