W2 Social security and health insurance tax deferral

Payroll Discussion about the W2 social security and medicare tax deferment and various important topics, studies, strategies, and general notes are discussed here.

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W2 social security and medicare tax deferment

My company decided not to carry over to 2020, so our W2s are pretty standard. An employee emailed me asking me about a screen he got while filing his TurboTax taxes. In summary, it indicates that the employer will send a W2c after recovering social security taxes from last year. Once you have fully repaid what you owe, your employer will send it to you, etc. So I didn’t have any other employee to ask about it, I granted it at the start of tax season. But I ran his numbers and his payroll taxes were 1.24 less than 6.2%. I’m having IT examine the system to find out why it’s so out of sync because it’s more than rounded. Do I have to do a w2c for this?

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This thread was originally published on 2021-02-18 at 14:05:58.

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2 thoughts on “W2 Social security and health insurance tax deferral”

  1. 6.2% is the Social Security part and the Medicare part is 1.45%…..but still 1.24% sounds odd. Two things could be happening and yes, I’d check payroll records to see what was withheld. In most payroll systems there is a way to turn off FICA or parts for some different types of employees on visas. I suspect that somehow a check was placed wrong if you are confirming what is on the W-2….

    Do you have an FSA or DCFSA that lowers FICA? That’s about the only other thing that would.

    I have used TurboTax since 2008 and never seen this issue (for me and my dependents returns also).

    eta: if it is incorrect, you will not only need to do a W2c, but also look at what quarters were wrong (because the employER side will be wrong too) and see how many quarters it affected and 941s and possibly the 940 if already filed. You should be able to recoup the employees portion that was mistakenly not withheld.

  2. Are you saying Box 4 is less than 6.2% of Box 3 or that Box 3 is lower than it should be? If the W-2 is not correctly reflecting what his actual Box 3 earnings should be based on what he was paid and had deducted then yes you would need to do a W-2C. If you simply didn’t withhold enough social security tax then you would not for a W-2C. The employer would be responsible for that under withheld amount which you have probably already paid.

    I’ve never heard anything about a W-2C for recovering deferred 2020 taxes in 2021. I would think it would just be reported in Box 3 and 5 on the 2021 W-2. But your company didn’t do that so it doesn’t matter.


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