This is for an S Corporation homebased in MD, owned by husband 49% and wife 51%. Only husband gets $40K salary and $10K SEP Retirement contribution. Wife gets no executive compensation as is not active.
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The items to report for Payroll Taxes include only those actually paid by the employer. Specifically, the employer portion of Social Security and Medicare.
Tax withheld from employee wages are not expenses to the employer. Be sure you do not include Federal or State income taxes, nor the employee portion of Social Security and Medicare.
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