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Please note that there was an error in the amounts listed as FICA-taxable wages and Medicare tax withheld in the article on completing the 2003 W-2 form in your December 7, 2003, issue (page 8). The instructions for calculating the amounts were correct; unfortunately, our calculations were off.
Here is the correct information:
Box 3: Social Security wages. The amount given as taxable for Social Security purposes should be $87,921.54. (But note that since only wages up to the Social Security taxable wage base should be taxed and included in Box 3, the 87000.00 Payroll entered in Box 3 is correct.)
Here's how to calculate the correct FICA-taxable …