Mark has two jobs during 2018. One employer withheld and paid FICA taxes on $80,200 of...
Mark has two jobs during 2018. One employer withheld and paid FICA taxes on $80,200 of Mark's salary and the other employer withheld and paid FICA taxes on $52,800 in salary paid to Mark. Calculate the amount of Mark's credit for the overpayment of Social Security taxes that he should claim on his 2018 Form 1040.
Homework Answers
Social security tax rate for employees for the year 2018 = 6.2%
wage limit = 128400
Mark wages = 80200 + 52800 = 133000
Excess amount = 133000 - 128400 = 4600
Over payment = 4600*6.2% = 285.20 or 285
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