My employer is withholding my Social security (Employee) at .062. It is my understanding that is the rate the employer pays but the employee should only pay .042. Will I be able to get that back at the end of the year when I do my taxes. I would rather not say anything to the employer about this.

I find this: "For 2012, the maximum taxable earnings amount for Social Security is $110,100. Currently, the Social Security tax (OASDI) rate for wages paid in 2012 is 4.2 percent for employees and 6.2 percent for employers.. . For Medicare's Hospital Insurance program, there is no limitation on taxable earnings. Tax rates under the Medicare program are 1.45 percent for employees and employers and 2.90 percent for self-employed persons." 2012 Social Security tax rate and maximum taxable earnings

Have you brought this to the attention of your employer?

No, I have not brought this to anyone's attention. I would take the lazy way out if I thought I could get that money back at year end but it looks like I need to bring it up. Thank you.

I'd be concerned that if the employer is making this fairly simple mistake - what else is the employer incorrect about?

Excellent point. I need to stop assuming they're doing everything correctly.

Yes, you will get the excess back. If you have paid excess SS tax you can claim a credit on your tax return - on line 69 of form 1040. You just need to make sure that the W2 you receive from your employer at the end of the year shows SS tax withheld that matches with what was actually deducted from your pay.

Ok, good. I was hoping that was the case. I will definitely pay attention to all of that and go for it when the time comes but I think I will question that rate when the time is right and I catch them in the right mood.

I'd rather have the money in MY hand now than later!

But good advice -

... and it's not like I'm asking them for a favor, and it would benefit the other employees. I just don't want to be thought of as a troublemaker. Thanks for the push in the right direction.

I'm curious - I assume you are talking about over deducting on your paychecks in 2012, but did he also over-deduct from employees' pay in 2011? The rate for employees changed from 6.2% to 4.2% starting in January 2011. I suggest you ask your co-workers whether they are aware of this issue.

N/A, new job for 2012 which may help you understand why I don't want to be the one to point this out. I'd rather some of the old folks do it.

Quote:

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Originally Posted by dlhdlhdlh

I'd rather some of the old folks do it

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I understand completely, but have you talked to any of the old folks to see if they are aware if the issue? I'm sure they would appreciate the heads up as they do their 2011 tax returns.

No, I find keeping my mouth shut serves me well until I decide what to do. Remember, I don't want to be a new troublemaker. Now that I have more confidence in my information, thanks to the folks in this conversation, I will bring up the subject. Again, thanks to all for helping me with this situation.