HELP!!
I have a similar problem with box # 3 & #4, when I manually calculate the tax of box #4, box #3 X 6.2% it comes out to $2,645.49, but that is not what's on the W2, it's .01¢ off. The W2 shows $2,645.50 and by the time I finish with the entire process through TurboTax, it indicates I over paid by $1.00 because it's looking at that now .50¢ which by manual calculation should be $2,645.49 and rounding it to $1.00 and an error presents itself in the form of a notice as such; "We Noticed You Paid Too Much Social Security Tax", then it indicates to request a refund.
So if I run with the FICA formula at 7.65% it adds Box #4 & #6 and rounds it up by .01¢ and it comes out to $2,645.50 in box #4, so two problems are present. It should show a Tax of $2,645.49 for Box #4, but the Company providing the W2 is using the whole formula of 7.65%, but on the individual line it comes out one penny off, and again when I type in what's on the W2 it's tell me I over paid. When I take and calculate by each line item it comes out to $2,645.49, when I use FICA Formula of 7.65% it comes out to $2645.50 and this is when TurboTax indicates an overpayment. If I take the individual line Box #3 X 6.2% it comes out correctly, to $2,645.49, so what do I do, do I enter it as shown on the W2, and the end result is I over paid by $1.00 and TurboTax Spits out an Error and will this error carry over into the State forms too? HELP