Discussion:Stupid SS question?
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Discussion Forum Index --> Basic Tax Questions --> Stupid SS question?
Discussion Forum Index --> Tax Questions --> Stupid SS question?
| 30 June 2008 | |
Without flipping through the software and creating a fictitious return does anyone have insight into this:
If a client earns $97k+ in one job and then works for another company they both pull out SS but Pro-series and any knowing CPA would ensure they get the overpayment to SS refunded. But my question is if they worked one job and earned $97+ but then had a sole propritorship, would software automatically account for the SS paid and not have them pay the full SS amount on the sole proprietor income? | |
Death&Taxes (talk|edits) said: | 30 June 2008 |
| Assuming the FICA wages are filled in on a W-2 worksheet, is there any software packages that do not make this calculation correctly? I can remember 15+ years ago, you had to input the SE amounts to the SE on one cheapo package, but today? | |
| 30 June 2008 | |
| Hippie, most tax professionals are NOT CPAs. And most should get it correct. | |
| 30 June 2008 | |
| Yes .I've worked with 4 different tax software systems and all consider the FICA you have paid as an employee when making the calculation for self employment taxes. This would be a major blunder if a tax software didn't perform this function and I doubt IRS would approve the vendors software for distribution. | |
| 30 June 2008 | |
| Thanks Cotopop. I would hate to see that someone overpaid their sahrre just because they worked 2 jobs! One for themselves and one for a company! | |
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