I am a 1 person LLC that files as an S-Corp and pays hisself a salary of $30,000. I submit 941 every quarter with a $7500 wage and $1768.35 withheld. My question is, in TurboTax Business, in Federal Taxes -> Deductions -> Any Payroll Taxes, what would I enter for this value??
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Yes, payroll taxes paid by an S-Corporation are business deductions and should be reported on Form 1120-S Tax Return for an S Corporation.
Under "Any Payroll Taxes," enter the actual tax withheld from wages and paid to the IRS for the year.
Yes, payroll taxes paid by an S-Corporation are business deductions and should be reported on Form 1120-S Tax Return for an S Corporation.
Under "Any Payroll Taxes," enter the actual tax withheld from wages and paid to the IRS for the year.
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