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New Member
posted Jun 6, 2019 2:19:57 AM

If I'm paying myself a salary in an S-Corp, do I need to enter value for "Payroll Taxes"?

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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1 Best answer
Expert Alumni
Jun 6, 2019 2:19:59 AM

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.

8 Replies
Expert Alumni
Jun 6, 2019 2:19:59 AM

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.

New Member
Jun 6, 2019 2:19:59 AM

Thank you.

Level 2
Jun 6, 2019 2:20:01 AM

Does this include the portion withheld for the employees taxes?

Expert Alumni
Jun 6, 2019 2:20:02 AM

This would include the employer portion of all payroll taxes. The employee portion is not an expense to the company.

New Member
Jun 6, 2019 2:20:04 AM

I'm still confused as to what I'd enter on my 1120S. The above $1768.35 is just for one employee -- myself. So would I enter half of that? (($1768.35 * 4) / 2) for the year?

New Member
Jun 6, 2019 2:20:05 AM

To correct that, I'm guessing it would be medicare and social security tax paid of the $1768.35 which would be $1147.50, then divide that by 2, and multiply by 4?

Expert Alumni
Jun 6, 2019 2:20:07 AM

Enter the total employer portion (SSI & MediCare) for the year. If the number you quoted is quarterly, then you need the total for the year (what you actually paid on Form 940).

New Member
Jun 6, 2019 2:20:09 AM

Thank you.