When a business withholds social security on employees beginning in January and then gets bought out by another company (but no change in employees) who has a new ID#, can the payroll department beginning say in February give credit to each employee for amount withheld in January by the old company or must it start at zero for purposes of determining the maximum SS withholding for the year? Some employee salaries will far exceed the maximum amount of earnings subject to SS tax. Obviously, if they are not granted credit, some employees will have over withheld SS taxes that will have to be returned when they file next year.rickisme
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