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This is an accounting question?? how come so different on monthly salary/annual salary on social security tax? |
this is a accounting question on W2, how come there is sooo much difference in amount from social security tax/ca sdi on a monthly salary compared to an annual salary when they both have the same salary at the end of the year?? and is this discrepancy refunded or credited on the W2 form??? any accountants have an answer?? There is no refund of Soc Sec Tax unless you change jobs and exceed the dollar limitations. Tax withholding should be the same at the end of the year IF all things are equal, such as pensions, health insurance etc. The Soc. Sec. plus Medicare rate is 7.65% for the employee and 7.65% for the employer. California has other issues as well. the only reason for a difference between monthly versus annual salary would be the basis on which they're computed - working on an annual salary, an employer would have tables based on working for the netire year, while on a monthly salary, tables would be based on the income generated that month. The only soc. sec. refund would be if the total tax paid (if working for more than one employer during a year) exceeded the social security cap. |
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