Employer’s threshold for matching SS, refundable?
My client got 2 w-2s in 2008 (He’s actually the owner of both companies.)
Aggregated income from the companies exceeds the social security base limit, so I’ll get his overpaid SS credit through his 1040 return.
The question is, can one of his company claim the refund for the overpaid matching amount (Employer’s contribution of 6.2%)?
Per research, it seems like not. However, I can’t find any legitimate reference such as IRS publication. Can anyone provide me with the IRS reference that proves the following is correct?
“EACH employer has to match the employee’s social security up to the base limit.”
No. While employees who work for two or more employers can get a refund of the excess SS taxes withheld from their pay, employers get no such benefit. Each employer must pay the 6.2% up to the full SS cap of each employees’ wages paid. The fact that your client owns both companies is irrelevant.
The Conduit Playthrough- Introduction: Training (Threshold) [Part 1]{Difficulty: Guarded}
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