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We have an S Corp. My daughter works for us and another

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We have an S...

We have an S Corp. My daughter works for us and another company.

Lawyer's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

SS is being deducted from both companies; the possibility of over deduction for

Lawyer's Assistant: Is there anything else the Retirement Accountant should be aware of?

SS from both payrolls; is there a way to communicate between 2 payroll companies so that SS cap can be maintained; i.e. my daughter is receiving

Submitted: 1 year ago.Category: Business Law
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Answered in 33 minutes by:
4/18/2017
Business Lawyer: socrateaser, Attorney replied 1 year ago
socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 40,074
Experience: Retired
Verified

Hello,

Employers are required to withhold SS tax from an employee's wages, as wages are paid. The standard means of dealing with this issue is for the employee/taxpayer to report the amounts on their federal tax return and the IRS will refund the excess. Conceivably, one company could "lease" the employee from the other company, and then only one company would be withholding, because there would be only one paycheck (which would include wages equal to the pay from both companies). But, that's about the only way to avoid the overwithholding issue.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf.

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Business Lawyer: socrateaser, Attorney replied 1 year ago

Hello again,

I see that you have reviewed my answer, but that you have not provided a rating. Do you need any further clarification concerning my answer, or is everything satisfactory?

If you need further clarification, concerning this matter, please feel free to ask. If not, I would greatly appreciate a positive feedback rating for my answer (click 3, 4 or 5 stars) – otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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