What EXCESS SOCIAL SECURITY TAX WITHHELD means: If a taxpayer worked for more than one employer during the calendar year and more than a specified amount of social security tax is withheld, the excess of the amount withheld over that amount is treated as a tax payment and decreases the amount that would otherwise be owed or increases the amount that would otherwise be refunded. See our Social Security Wages and Earnings Base rate table for the figure for the current year.
- Definition Exclusion Percentage:
- Dictionary percentage is used to compute the excludable amount of a pension under the general rule. This percentage is determined by dividing the taxpayer's total contribution by the expected return excess social security tax withheld definition.
- Definition Earned Income Credit:
- Dictionary credit for qualified taxpayers based on earned income, adjusted gross income, and the number of qualifying children. See our Earned Income Tax Credit rate table for the current income limits excess social security tax withheld explain.
- Definition Employment Expenses:
- Dictionary Ordinary and necessary expenses required to perform the duties for which the taxpayer was hired excess social security tax withheld what is.
- Definition Exclusion:
- Dictionary that is not included in gross income because the Tax Code excludes it. Examples, include gain from a qualified sale of a principal residence, income earned abroad, and gifts and inheritances excess social security tax withheld meaning.
How works Excess Social Security Tax meaning in Tax definitions E .
