No the amount on the W3 is the total of all employee withholding meaning the taxes that were withheld from the employees paychecks, the withholding that you held in trust and then remitted to the IRS. While this should also be the amount of social security and medicare that the employer paid, they should not be thought to be the same thing.
The W3 is a totaling sheet for all of the W-2's you issued and doesn't really have anything to do with the employer portion of the payroll taxes.
The employer portion of Social Security (FICA), Medicare and Unemployment Taxes are deductible. There may be other payroll taxes that are deductible depending upon where your business is located.
So succinctly put, if your payroll was calculated properly, then the employer portion of social security and medicare would be the same amount that appears on the W3. State and local amounts on the W-3 are strictly employee withholding and are not deductible.
