Taxable Social Security Wages
What makes up the Taxable Social Security Wages in Quickbooks?
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cFnrrkZ9er3QjyacfA8pyY
11/12/09 1:23pm PST
Viewed by asker 11/12/09 1:35pm PST
Viewed by asker 11/12/09 1:35pm PST
1 Reply
RekaUjj
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11/12/09 2:22pm PST
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The answer is kind of silly: whatever you set up to be subject to Social Security Tax. Most often it is calculated like this:
Add: regular wages, overtime, salaries, other wages (up to $ 106,800), bonuses, vacation, sick pay, tips - basically everything that is compensation
Subtract: Sec. 125 deductions (most often medical/dental insurance)
Do not subtract: 401(k) deduction, SEP or SIMPLE IRA deductions, child support or other wage garnishments.
I hope I could help.
Reka
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