Social Security Tax Withheld

Forum|Forum|2 years ago
March 10, 2024
2 replies
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Hi, what happens in the event that your employer withheld less than the required 6.2 percent tax on income for social security tax? The amount is not major, but it's still less that 6.2 percent. The percentage amount withheld is 6.173 percent. Thanks

PS: the income is not over the threshold amount for social security tax.

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Best answer by JohnB5677

You will have to inform your employer, and request that it be corrected.

This is unusual. The calculations are typically done electronicky, and your employer must file reports to the IRS and Social Security.

On your W-2 does Box 1 plus any contribution to retirement plans equal box 3?

Please contact us again and provide some additional details.

JohnB5677Answer

You will have to inform your employer, and request that it be corrected.

This is unusual. The calculations are typically done electronicky, and your employer must file reports to the IRS and Social Security.

On your W-2 does Box 1 plus any contribution to retirement plans equal box 3?

Please contact us again and provide some additional details.

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fasteddie577Author

You asked: "On your W-2 does Box 1 plus any contribution to retirement plans equal box 3?"

Yes, that is correct. Thanks.

VolvoGirl

Employee

I just noticed something. Since the difference is $36 and the rate is .027 different....that can indicate an amount has a transposition in it. If a number can be divided by 9 evenly can mean an amount was transposed. Why did you notice box 4 is wrong? Did Turbo Tax give you a message? Or why were you checking? Double check all the amounts again with the calculator and check your entries.

VolvoGirl

Employee

Are you using box 3 or box 1? SS is 6.2% of box 3. How much is in box 3 & 4?

fasteddie577Author

Yes, box 3 of the W-2. When I divide SS Tax Withheld in Box 4 by the wages in Box 3, the ratio I get a ratio of 6.17292 percent. The underpayment of social security tax $36. Thank you.