How to determied payroll taxes: are the sum of all IRS form of 941 & 940 & EDD for state taxed that report each quarter?

how to determied "payroll taxes": are the sum of all IRS form of 941 & 940 & EDD for state taxed that report each quarter?

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Expert Alumni

Jun 6, 2019 10:54:02 AM

To find the correct numbers from your Payroll Returns to determine payroll taxes paid, please use these figures:

Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return: Line 12 (Total FUTA tax after adjustments)
Form 941: Add boxes 5a and 5c, then divide by 2 to calculate employer's match for Social security and Medicare taxes.
Your State most likely has an Unemployment Tax as well which requires you to file a return, so be sure to include that figure.
You do not claim any taxes withheld from your Employee's pay as a payroll expense. This is because you have already claimed their "gross pay" as a deduction under Wages.

Expert Alumni

Jun 6, 2019 10:54:02 AM

To find the correct numbers from your Payroll Returns to determine payroll taxes paid, please use these figures:

Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return: Line 12 (Total FUTA tax after adjustments)
Form 941: Add boxes 5a and 5c, then divide by 2 to calculate employer's match for Social security and Medicare taxes.
Your State most likely has an Unemployment Tax as well which requires you to file a return, so be sure to include that figure.
You do not claim any taxes withheld from your Employee's pay as a payroll expense. This is because you have already claimed their "gross pay" as a deduction under Wages.