If I change jobs mid-year, how does my new company account for the Soc. Sec. I already Paid?

Answer 1

Your second employer does not take into account any prior SS taxes paid.

If your wages for the year exceed $97,500 because of the regular 6.2% withholding from your pay with two employers, then when you do your tax return, the SS withholding is entered and the excess is applied against income tax you owe, or refunded to you if you do not owe additional income tax.

If an individual employer withheld too much SS in error, that employer has to correct it.

Answer 2

They don't. They'll take out like they are your only job. If at the end of the year, you've paid past the limit, you'll show it on your 1040 and collect the extra back then with your refund or apply it to taxes you owe.

Answer 3

They don't. If your wages are more than the $97,500 limit for SS tax withholdings you'll get a credit for the excess on your tax return when you file. If your wages are less than the limit it's a moot point as all of your wages are subject to the tax.

Answer 4

yup all good answers, but basically the new company starts you over from -0-, then when you file your tax return you get a credit for what you overpaid

Answer 5

I was going to answer this, but I see you have three people who told you the very same thing I would. Great job!