Have a Tax Question? Ask a Tax Expert
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.