Steve wrote:

- quote -

Excess FICA withheld is a credit against your income tax
liablilty - just like regular payroll withholding. Oh, and
there isn't any way your husband's new employer can not
withhold FICA from his payroll.

Scott W Stevenson, CPA in CA
stevensonscott[at]yahoo.com

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"Steve" <angiemm[at]illicom.net> wrote:

- quote -

The 2003 social security wage base is $87,000 ($87,900 in
2004). The wage base only applies to the Old Age and
Survivors Disability Insurance (OASDI) portion of FICA.
Since 1994 there is no limit on the Medicare portion. The
15.3% FICA rate breaks down as follows:

12.4% OASDI
2.9% Medicare

The employee and employer are each responsible for half,
thus any excess employee FICA is computed at 6.2% (one half
of 12.4% OASDI rate) times the wages in excess of $87,000.
The excess FICA paid is claimed as a refundable credit on
line 64 of the 2003 Form 1040.

http://www.irs.gov/pub/irs-pdf/f1040.pdf

For more information, see Topic 608 on the IRS website.

http://www.irs.gov/taxtopics/page/0,,id%3D16261,00.html

Barney Byrd

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"Steve" <angiemm[at]illicom.net> writes:

- quote -

You claim it in the payments section of Form 1040, just
like withheld income tax.

Phil Marti
Topeka, KS

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- quote -

add the amount of excess FICA on the line for it on the 1040
form. On the 2003 it was on line 65 in the "payments"
section

You cannot get the excess any other way, unless it is
overwithheld by one employer

Dave

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Steve <angiemm[at]illicom.net> wrote:

- quote -

There's a place on form 1040 to do that. Unfortunately,
there's no way to get it back any earlier. If you work for
two (or more) employers in a year, they will each deduct
FICA (up to the maximum), and there is no way to have them
not do that.

So you have to wait until you file your US tax returns, then
you can claim the excess FICA. It's on the back of 1040,
IIRC.

--
I pledge allegiance to the Constitution of the United States
of America, and to the republic which it established, one
nation from many peoples, promising liberty and justice for
all.

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"Steve" <angiemm[at]illicom.net> wrote:

- quote -

The excess social security tax is claimed as a payment on
line 64 on page 2 of your Form 1040.

Joel Berry, CPA
Sugar Land, Texas

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"Steve" <angiemm[at]illicom.net> wrote:

- quote -

It may be claimed as a tax credit on page 2 of the Form 1040.

Wayne Brasch, CPA, M. S. Taxation

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- quote -

When you file your taxes, you can count the excess Social
Security withheld as part of your tax payments.

Last year, this was done on line 65 on Form 1040, under the
general heading of Payments.

Bill

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"Steve" <angiemm[at]illicom.net> wrote:

- quote -

You will be able to have the excess FICA refunded when you
file your 2003 1040 next year.

Mike

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Steve" <angiemm[at]illicom.net> wrote:

- quote -

See the instructions for Line 64 of the 2003 Form 1040. Any
excess SSA payment is treated as a tax payment (just like
withholding).

Alan
http://taxtopics.net

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"Steve" <angiemm[at]illicom.net> writes:

- quote -

He claims it as a tax payment on the 1040 line that says
something like "Excess Social Security payments".

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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My husband was employed by a company until July of this
year. He now works for a different company and does some
part-time work for a subsidiary of this company and is paid
for this work by a separate payroll department.

We know that he will go over the threshold for social
security taxes before the end of the year.

If we end up having FICA deducted from his check that we
don't truly owe, how do we go about getting this back.

Thanks.

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