| Tax Topic #751 |
2008 Tax Year |
Topic 751 - Social Security and Medicare Withholding Rates
The Federal Insurance Contributions Act (FICA) tax includes two separate
taxes. One is the social security tax and the other is the Medicare tax. Different
rates apply for each of these. Only the social security tax has a wage base
limit. The wage base limit is the maximum wage that is subject to the tax
for the year.
If you worked for two or more employers during the year and your total
wages exceeded the maximum amount for that year, too much social security
tax may have been withheld from your pay. You can claim the excess as a credit
on the current year tax return. You must file Form 1040 (PDF) or Form 1040A (PDF) to claim this
credit.
For more information, refer to Publication 505, Tax Withholding
and Estimated Tax.
Page Last Reviewed or Updated: December 22, 2008
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