FICA Tax Refunds for W2 Employees That Change Jobs or Have Multiple Employers

Michael Ruger - Greenbush Financial Group

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If you are a W2 employee who makes over $160,200 per year and you have multiple employers or you switched jobs during the year, or you have both a W2 job and a self-employment gig, your employer(s) may be withholding too much FICA tax from your wages and you may be due a refund of those FICA tax overpayments. Requesting a FICA tax refund requires action on your part and an understanding of how the FICA tax is calculated.
Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
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Опубликовано:

6 авг 2024

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Комментарии : 3

@GIANGNGUYEN-go8oy 11 месяцев назад

NOT TOO LONG AGO FICA CAP WAS AROUND $70K NOW DOUBLE.

@salpremiers 10 месяцев назад

Wow what a great video!! Feel bad for the employer now 😂😂

@Jl-620 6 месяцев назад

I am currently going through an example of a former employer withholding FICA incorrectly and not wanting to refund it. It is related to a SERP and DCP where FICA taxes had previously been withheld at the time of vesting (for SERP) and contributions (for the DCP). My employer is now also withholding FICA at the time of distribution, essentially taxing me for FICA twice on the same income (the second time more due to investment growth) and I am no longer employed. I tried to have my former employer refund the FICA withheld at the distributions but they insist that they are withholding the taxes correctly and will not make any changes. Do I need to use the form 843 that you mentioned to request a refund of the FICA taxes that my employer withheld at the distribution payment of my SERP/DCP? Thank you.