No. Since the IRS is a pay as you go system, you would need to make payments and take deduction as the year goes on, not the following year. You need to do this on a quarterly basis.
Federal law requires you, as an employer, to withhold
certain taxes from your employees' pay. Each time you pay
wages, you must withhold – or take out of your employees'
pay – certain amounts for federal income tax, social security
tax, and Medicare tax. You must also withhold Additional
Medicare Tax from wages you pay to an employee in excess
of $200,000 in a calendar year. Under the withholding
system, taxes withheld from your employees are credited to
your employees in payment of their tax liabilities.
Federal law also requires you to pay any liability for the
employer's portion of social security and Medicare taxes.
This portion of social security and Medicare taxes isn't
withheld from employees.
Use Form 941 to report the following amounts.
- Tips your employees reported to you.
- Federal income tax you withheld.
- Both the employer's and the employee's share of social
security and Medicare taxes.
- Additional Medicare Tax withheld from employees.
- Current quarter's adjustments to social security and
Medicare taxes for fractions of cents, sick pay, tips, and
group-term life insurance.
- Qualified small business payroll tax credit for increasing
research activities.
Don't use Form 941 to report backup withholding or
income tax withholding on nonpayroll payments such as
pensions, annuities, and gambling winnings. Report these
types of withholding on Form 945, Annual Return of Withheld
Federal Income Tax.
After you file your first Form 941, you must file a return for
each quarter, even if you have no taxes to report, unless you
filed a final return or one of the exceptions listed next applies.
https://www.irs.gov/pub/irs-pdf/i941.pdf
(See the attached screenshot below. Click to enlarge.)
