Tax

Ask a Tax Question, Get an Answer ASAP!

Have your own Tax question?

9 Tax Professionals are Online Now

characters left:

Not a Tax Question?

Question

i have a w-2 with box 14 information of the following (125-m $2,340) can this entry along with the amount in box 4 result in too much social security tax if it exceeds the max limit for the year??? where would i report the difference??

Submitted: 90 days and 17 hours ago.

Category: Tax

Value: $15

Status: CLOSED

Accepted Answer

Your contribution into medical flexible account is excluded from taxable wages (reportable in the box 1 on the W2) and from social security and Medicare tax (boxes 3 and 5)
That is responsibility of the administrator of your plan to verify the contribution would not be above the limit.

Accepts:
Expert:	LEV
Pos. Feedback:	99.3 %
Answered:	8/25/2009

Tax Preparer

Taxes, Immigration, Labor Relations

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Tax

Have your own Tax question?

Related Tax Topics:

Question

i have a w-2 with box 14 information of the following (125-m $2,340) can this entry along with the amount in box 4 result in too much social security tax if it exceeds the max limit for the year??? where would i report the difference??

Accepted Answer

Your contribution into medical flexible account is excluded from taxable wages (reportable in the box 1 on the W2) and from social security and Medicare tax (boxes 3 and 5)That is responsibility of the administrator of your plan to verify the contribution would not be above the limit.

Related Tax Questions

Your contribution into medical flexible account is excluded from taxable wages (reportable in the box 1 on the W2) and from social security and Medicare tax (boxes 3 and 5)
That is responsibility of the administrator of your plan to verify the contribution would not be above the limit.