(I don't remember the procedure when a single employer overwithholds FICA).If a single employer overwithholds FICA, that employer must make the correction. It doesn't happen on the employees tax return. However, if the max that can go into the 401K is $15,000 that's a long way from the $90,000 or so max on Social Security. Also, if I'm not mistaken, FICA is owed on the money that is going into the 401K.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra