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Processes Are Needed To Address Potentially Erroneous Social Security Tax Credit Claims, TIGTA Report Finds
The Internal Revenue Service (IRS) needs to improve its processes to address potentially erroneous excess Social Security Tax Credit claims, according to a report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA). The Federal Insurance Contributions Act (FICA) tax is a U.S. Federal payroll tax imposed to fund Social Security and Medicare. The Social Security tax portion of the FICA tax is computed as a percentage of wages earned. The employee’s portion of the Social Security tax is withheld from the employee’s wages by most employers and paid to the IRS on the employee’s behalf. Individuals…Read More
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