Increase in Social Security Tax for Some Employees in 2015

Higher income earners next year could see an increase in what they pay in social security taxes. The wages on which social security must be paid is increasing to $118,500.

In addition there is a Medicare surtax which must be paid if wages are over $200,000 for single individuals or over $250,000 for those married. And don’t forget, self-employed individuals are subject to these increases as well.

However, if you changed jobs during the year, and inadvertently had more social security or medicare withheld than you should have, well there is a tax credit available on page 2 of the 1040 to return those monies to you! Be sure to check with your tax preparer if you had high income and multiple jobs during the year.

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