Question

In: Accounting

Sarah received a 2018 Form W-2 from 2 different employers. The amounts reported in Boxes 3...

Sarah received a 2018 Form W-2 from 2 different employers. The amounts reported in Boxes 3 and 4 of her W-2s is provided below. What amount of excess social security tax (if any) should she report on her 2018 Schedule 5, Line 72?

Box 3: Social security wages Box 4: Social security tax withheld
Employer #1 87,600.00 5,431.20
Employer #2 55,250.00 3,425.50

Solutions

Expert Solution

For 2018, the maximum Social Security to be withheld is $7960.80 based on maximum wages of $128400
Social Security withheld = 5431.20+3425.50 = $8856.70
Amount of excess social security tax to be reported report on her 2018 Schedule 5, Line 72 = 8856.70-7960.80 = $895.90

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