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jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3159
Experience:  I've prepared all types of taxes since 1987.
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I am using turbotax online. It says I need to collect ...

Customer Question

I am using turbotax online. It says I need to collect $ from by employer because I paid too much medicare taxes. This had never happened to me before.
Submitted: 8 years ago.
Category: Tax
Expert:  jgordosea replied 8 years ago.


For 2007 the maximum wages that should be subject to Social Security was $97,500 but there is no maximum for Medicare tax.

To figure the correct amounts for your W-2 you can use the Form W-2 amounts listed to try to see if (and where) the employer made an error when preparing the form.

Social Security tax withheld Box 4 should be .062 times Box 3 Social Security wages.

Medicare tax withheld should be Box 6 should be .0145 times Box 5 Medicare wages.

The amount in Box 3 Social Security wages should not be more than $97,500 but the Box 5 Medicare wages is not limited.

You may also want to compare the W-2 to your last pay stub for the year, if available, to see if the amounts correspond. And you should also recheck your entry into the tax software.

I hope this helps for you to determine if your employer withheld too much Medicare tax. Please let me know if I can be of further assistance.

Best regards.