Taxes: Two Jobs? Don't Overpay Social Security.

Here’s a tax tip that might come into play for two-job holders. Make sure you didn’t overpay Social Security.

The max Social Security that could be withheld from your pay last year was $5,840.40.

If your total withheld was greater than that, you can claim the difference as a tax credit on Form 1040, line 67, or on Form 1040A, line 43.

Don’t quit your day job, but also make sure it and your moonlighting aren’t costing you more they should. — BEN POPKEN

Two Jobs? Don’t Overpay Social Security [WSJ]
(Photo: bryankennedy)

Comments

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  1. mantari says:

    WOW! What an IMAGE!

  2. FLConsumer says:

    So Jacko’s working in construction now?

  3. wreckingcru says:

    best.
    picture.
    ever.

  4. httpdotcom says:

    I ran out of fingers counting the Freudian issues with the above image. Somebody had a Photoshop field day.

  5. Wait…why is Batman in the background?

  6. Scuba Steve says:

    He waits.

  7. sfurukawa says:

    Sanjaya before American Idol.

  8. tph says:

    hah – I was trying to figure out wtf was going on in that picture until I realized…hey…isn’t that Minneapolis? And then I followed the photo credit and realized that this is from a Faggot show, and it all made sense (well, not in relation to the article).

    Consumerist photo pool FTW!

  9. mrmysterious says:

    How much would a person have to make at a job to pay that much in SS taxes?

  10. Chese says:

    Does Bruce Wayne claim two incomes or something?

  11. mrmysterious says:

    After a little bit of looking, a person would have to make over $94,200 to hit the cap for 2006.

    Next year they would have to $97,500.

  12. Citron says:

    @tph:
    “Faggot show?”

  13. tph says:

    @Citron: Faggot is the name of a band (which I believe is local to MN). The name is obviously all about the shock value (as is the music from what I understand, though I haven’t heard them yet). The picture on this article fits in perfectly with other promotional type materials that I’ve seen from them.

  14. pestie says:

    I knew Batman was queer! That’s OK, though, he’s still my favorite superhero, and I’m secure enough in my heterosexuality to say so!

  15. Hawkins says:

    God DAMN what a cool picture.

    Never mind the real context; it tells a pretty compelling (though confusing) story by itself.

  16. rbb says:

    Tax Act will catch overpayments to social insecurity and then properly categorize them as income tax withheld.

    There is nothing you can do about it. Say for example that you have already maxed out your social insecurity taxes for the year and then start a new job all in the same tax year. You cannot ask your new employer to NOT withhold the social insecurity taxes because you have already been bled dry by your previous job. The government explicitly prevents them from doing that. The employer has to assume you have not paid any social insecurity taxes at all.

  17. synergy says:

    I don’t know what 1040A you’re looking at, but on the one I filed, line 43 is the “total payments” already made for 2006.