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Allowable Payroll Tax Business Deduction S Corp
When following the TurboTax Business Instructions to calculate the allowable payroll tax business deduction for my S corp, it says to only account for the employer portion of the items below on an annual salary of $24,000. Does the calc. below seem correct? Since I itemized the $24K salary figure, in the salary/wages portion of the deductions; can you please confirm I am not omitting any other allowable payroll tax business deduction?. I tried paying an expert to answer this question; however the assistance for business is not available in the state of MD. This is a question a personal tax expert will not answer. I pay deluxe and business audit protection fees I hope someone can answer these questions
Employer's portion of Social Security=744 |
Employer's portion of Medicare=174 |
FUTA=42 |
State (MD) FUTA = 25.50 |
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‎February 28, 2023
7:51 PM