REFUND OF SOCIAL SECURITY TAX WITHHELD*

REFUND OF SOCIAL SECURITY TAX WITHHELD **

**You may be able to get a refund of the social security tax withheld from your pay.
If your employer withholds more than the social security maximum, you may be able to claim a refund when you file your tax return.




Link to TAX MAN: http://wwwtaxman.blogspot.com/
Link to other personal finance information
personal finance
MAXIMUM WAGES SUBJECT TO SOCIAL SECURITY
The social security tax applies to the first $94,200 you make in 2006. The rate is 6.2% of the first $ 94,200 or $ 5840.40. If you make $100,000 in 2006, the last $ 5800 you earn should have no withholding of social security—only the Medicare portion (1.45%) should be withheld.
WHAT IF YOU WORK FOR TWO OR MORE EMPLOYERS?
If you work for two employers and make $ 50,000 on each job, the second employer does not know what you made on the first job, so he would not stop withholding. In that case, you will be able to claim the excess withheld on line 67 of your form 1040. That amount will reduce any other tax you may owe or increase your refund.
WHAT IF YOU ONLY WORK FOR ONE EMPOYER:
The employer SHOULD stop withholding when you max out. If he doesn’t he should correct the error and refund the excess withheld. If he fails to correct the error, you can claim the refund by filing Form 873.

Link to IRS forms and publications:
http://www.irs.gov/formspubs/index.html



This information is not intended to be advice to the recipient.In compliance with Treasury Department Circular 230, unless stated to the contrary, any Federal Tax advice contained in this Blog was not intended or written to be used and cannot be used for the purposes of avoiding penalties.