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I just got a bill from my employer for OASDI/Medicare

Customer Question
I just got a...

I just got a bill from my employer for OASDI/Medicare withholding payment for 2017. It is saying if this payhment is not recied prior to yearend, it could require me to receive a W2-c. I am not sure of what the tax implication?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

No - just want to know if I do not pay the $7000.00 bill what will that mean

Submitted: 2 months ago.Category: Tax
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Answered in 32 minutes by:
12/18/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,536
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi My name's Lane ...

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice to clients on three continents since 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

The amended w-2 will include that as income ... So if you don't repay, you keep the $7000 but have to pay tax on it.

...

HOWEVER, it's important to note that, until we get to 100% tax rates (and for most of us, we just received a break on the other direction) the tax ON the 7000 will never BE 7000.

...

At a 25% tax bracket, the 7000 additional income will cost you .25 x 7000 = 1750 in federal tax

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,536
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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