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I have just started a new job and have already paid all of

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my Social Security for the...
I have just started a new job and have already paid all of my Social Security for the year through the deductions at my previous employer ($6621.60/year). Why are they now deducting the full amount again? Will I be able to get it back when I file federal taxes for 2009?
Submitted: 8 years ago.Category: Tax
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Answered in 16 minutes by:
10/2/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello kage,

When you start working for a new employer, your year to date earnings will start over, and so your SS withholding will also start over with your first paycheck.

However, you will be refunded any SS taxes that you overpaid for the year when you file your tax return. On line 65 of Form 1040 you claim a direct credit for the amount over paid which will then reduce any tax you owe by that amount, or will add to any refund you have coming. If you use one of the automated software programs such as Turbo Tax, this calculation will automatically be made for you.

But what you can also do is change your total tax withholdings on your W-4 form (increase exemptions) in order to counteract this overpayment and reduce your future refund.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you kage



Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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