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Well, don't know of other reasons, but the main one that comes to mind is.
For 2022, On a W-2, Box 3 has a maximum limit value of $147.000 and box 4 a Max of $9114.
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Your wages can be higher, but you don't pay into SS on W-2 income more than $147,000 for 2022.
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For 2023 SS taxes on income earned this year, it will be $160,200 Max income, and $9932.40 SS tax.
The maximum social security wages that are taxed for 2022 are $147,000. If you earned more than that, your wages above that would not be taxed. This would make box 1 wages higher than your social security wages.
Hi! My wages were apprx. $91000 and social security wages were $4700. I don't have any pre-tax contributions. Straight paycheck. I am just wondering if this affects my refund/owe. Thanks!
Hi! My wages were apprx. $91000 and social security wages were $4700. I don't have any pre-tax contributions. Straight paycheck. I am just wondering if this affects my refund/owe. Thanks!
So...who do you work for.....and did anything change particularly this year?
For instance, some Public workers/teachers/police/firemen etc do not pay into SS because they have a retirement system that works outside of Federal Social Security. Maybe the was a change-over part way thru the year such that some of your income was subject to SS. I think...some Clergy don't normally pay into SS (but not certain).
So...who do you work for, and what is your job entail?
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OR, a major payroll screw-up...REALLY check with your employer.
Perhaps someone programmed their computer to put in the SS wage limit and put in:
..4700 vs 147000
IF so, then they have to re-issue corrected W-2 forms and you should not file until those corrected W-2C forms are issued..
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