Today's Tax Minute

The radio program "Tax Minute" can be heard every weekday morning at 6:25 on WCRN 830 AM.

SOCIAL SECURITY TAXES
Did you hold down more than one job last year? If you did and you earned more than $106,800, double check that you didn't overpay your social security taxes. Remember, each of your employers were required to withhold Social Security and Medicare taxes on the first $106,800 of your wages. But if your income from two or more jobs exceeded that amount you had too much withheld and can claim a credit for the excess tax on line 65 in the payment section of your Form 1040. And while you're at it don't forget to claim the "making work pay" credit on line 63 of your Form 1040, which is a reduction of your Social Security taxes. Remember, this is one of those do-it-yourself things that you can then take, to the bank.

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