topic If I'm paying myself a salary in an S-Corp, do I need to enter value for "Payroll Taxes"? in Business & farm

If I'm paying myself a salary in an S-Corp, do I need to enter value for "Payroll Taxes"?

kissfro — Thu, 06 Jun 2019 09:19:57 GMT

I am a 1 person LLC that files as an S-Corp and pays hisself a salary of $30,000. I submit 941 every quarter with a $7500 wage and $1768.35 withheld. My question is, in TurboTax Business, in Federal Taxes -> Deductions -> Any Payroll Taxes, what would I enter for this value??

Yes, payroll taxes paid by an S-Corporation are business...

PatriciaV — Thu, 06 Jun 2019 09:19:59 GMT

Yes, payroll taxes paid by an S-Corporation are business deductions and should be reported on Form 1120-S Tax Return for an S Corporation.

Under "Any Payroll Taxes," enter the actual tax withheld from wages and paid to the IRS for the year.

Thank you.

kissfro — Thu, 06 Jun 2019 09:19:59 GMT

Thank you.

Does this include the portion withheld for the employees...

tkaskmaster — Thu, 06 Jun 2019 09:20:01 GMT

Does this include the portion withheld for the employees taxes?

This would include the employer portion of all payroll ta...

PatriciaV — Thu, 06 Jun 2019 09:20:02 GMT

This would include the employer portion of all payroll taxes. The employee portion is not an expense to the company.

I'm still confused as to what I'd enter on my 1120S. The...

kissfro — Thu, 06 Jun 2019 09:20:04 GMT

I'm still confused as to what I'd enter on my 1120S. The above $1768.35 is just for one employee -- myself. So would I enter half of that? (($1768.35 * 4) / 2) for the year?

To correct that, I'm guessing it would be medicare and so...

kissfro — Thu, 06 Jun 2019 09:20:05 GMT

To correct that, I'm guessing it would be medicare and social security tax paid of the $1768.35 which would be $1147.50, then divide that by 2, and multiply by 4?

Enter the total employer portion (SSI & MediCare) for the...

PatriciaV — Thu, 06 Jun 2019 09:20:07 GMT

Enter the total employer portion (SSI & MediCare) for the year. If the number you quoted is quarterly, then you need the total for the year (what you actually paid on Form 940).

Thank you.

kissfro — Thu, 06 Jun 2019 09:20:09 GMT

Thank you.