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ralentity
New Member

This program is telling me that SSI tax is 6.2% when it is 7.65% according to the SSI website.

 
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Accepted Solutions
VolvoGirl
Level 15

This program is telling me that SSI tax is 6.2% when it is 7.65% according to the SSI website.

SS is 6.2%
Medicare tax is 1.45%
Both are FICA.  Together they are 7.65%

View solution in original post

7 Replies
VolvoGirl
Level 15

This program is telling me that SSI tax is 6.2% when it is 7.65% according to the SSI website.

SS is 6.2%
Medicare tax is 1.45%
Both are FICA.  Together they are 7.65%
SweetieJean
Level 15

This program is telling me that SSI tax is 6.2% when it is 7.65% according to the SSI website.

There is an income limit for SS tax, but not for Medicare tax.
VolvoGirl
Level 15

This program is telling me that SSI tax is 6.2% when it is 7.65% according to the SSI website.

ps...... is it not SSI.  It is just SS.  SSI is actually something else and is not taxed.  So be sure to get the terms straight.  SSI actually stands for Supplemental Security Income not Social Security.
ralentity
New Member

This program is telling me that SSI tax is 6.2% when it is 7.65% according to the SSI website.

Ah yes, that is only a little further down on the SSI website. I just figured out that my employer miscalculated the amounts of SSI and Medicare taxes.
ralentity
New Member

This program is telling me that SSI tax is 6.2% when it is 7.65% according to the SSI website.

Excellent! Thanks again!
rerecastillo
New Member

This program is telling me that SSI tax is 6.2% when it is 7.65% according to the SSI website.

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
VolvoGirl
Level 15

This program is telling me that SSI tax is 6.2% when it is 7.65% according to the SSI website.

Just leave the cents off.  

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