Can you deduct Employers share of Social Security Tax and Medicare Tax paid by employer on behalf of the employee. If so under what expense Item?

dwhitts2000 · ‎June 6, 2019

Mainly Interested whether you can claim as an Expense the Employers share of Medicare and Social Security Tax You paid for Employee. If so under which Expense Category as listed under Turbo Tax Business Expense deductions?

MinhT · ‎June 6, 2019

Yes, you can deduct as a business expense the employer's share of Social Security and Medicare tax. They are listed as Payroll Taxes under Taxes and Licenses.

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eiramb · ‎June 6, 2019

Does anyone know … I am filing taxes late, and am sending in payment with my 941 this year .. do I report the deduction for medicare and social security for the year it was due or the year I pay it?

TaxGuyBill · ‎June 6, 2019

@eiramb If your business uses the Cash method of accounting (most small businesses are Cash, see Line "F" of Schedule C), you deduct it in the year that you PAID it.

Can you deduct Employers share of Social Security Tax and Medicare Tax paid by employer on behalf of the employee. If so under what expense Item?

Retirement tax questions

Retirement tax questions

Retirement tax questions