My wife and I are equal share owners of a small S-corp. We established a reasonable wage salary of $2,000 per month for each persons W-2 total $4K/month. We made monthly EFTPS payroll related tax payments and filed quarterly Form 941's.
While reviewing 2022, realized I made a mistake.
The monthly EFTPS tax payments included federal income withholding + 12.4% for Social Security + 2.9% for Medicare.
I did not withhold the federal income + employee 6.2% Social Security + employee 1.45% Medicare amounts from monthly paychecks. The monthly checks were $4,000 and should have withheld the federal income, 6.2% Social Security, and 1.45% Medicare.
I understand the IRS can apply overpayments of 941 to future balances or issue refund.
I'm not sure how to correct this for the W-2's?
Any help appreciated, thank you Turbotax.
