How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RD Your Own Question
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
510454
Type Your Tax Question Here...
RD is online now
A new question is answered every 9 seconds

can i deduct the employer portion of payroll taxes

This answer was rated:

No Comment Added

If you are the employer than you can deduct the employer portion of the payroll taxes paid as an expense.

 

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

Customer: replied 10 years ago.
Can I also then deduct the fully amount I paid as Salary? For example, I paid my employee $51K but of course they do not get all of that. Some goes to the employee in their direct deposit but some it I have to send to the IRS and the State as the employee portion.

Can I deduct the full $51K as a salary expense?

Seems too good to be true.

You will deduct $51K as salary paid....the deductions that you paid to IRS were payments on behalf of employee. As far as you are concerned, you paid salary of $51K and hence you get that deduction.

 

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

RD and other Tax Specialists are ready to help you

Related Tax Questions