Originally posted by cjbaldw:
Originally posted by Mr. Hightower FTW:
I wonder, if I switched jobs mid-year, how does the second employer know when I have reached my taxable limit? Hmmm... 
They won't know unless you tell them and even then, their payroll system may not be able to handle the adjustment. I had this problem when I switched jobs back in 2002. If you have too much withheld via SS, you'll get it back when you file your tax return for the year in question.
Exactly. I was in this position last year when I switched jobs mid-year. On form 1040 for 2005 it was Line 67 under the Payments heading where you placed your excess withholdings.
If your lazy and do not do them by hand, Turbo Tax will fill in this box for you as well. 
Money doesn't always bring happiness. People with ten million dollars are no happier than people with nine million dollars ~ Hobart Brown
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