I have earned more than the social security tax wage base limit for the year. As a S corp owner, can I stop withholding social security taxes (6.2%) even though my salary to date on the corporation is only $50,000?

ANSWER

The BIDaWIZ Team's Answer:

The social security tax wage base limit of $113,700 for 2013 applies to the total amount of wages across jobs. This means your total W-2 income, not just your income at one job is considered for the wage base limit. Thus, you can stop withholding social security tax. Please note that you should continue to withhold medicare tax.