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1 member CA based S Corporation Paid owner as employee I…

1 member CA based S...
1 member CA based S Corporation
Paid owner as employee
I want to know how to calculate the tax deduction amount for line 12 of 1120S.
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Answered in 2 minutes by:
3/14/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,273
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you.

Use the W-2. and add box 4 and 6 and that will be your payroll tax deduction that goes on line 12.

Let me know if you need anything else. If not, please leave a rating. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,273
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months ago
how about box 2, is there any employee portion for Federal withholding? Also, is there any withholding for state income - employer portion?
Customer reply replied 4 months ago
Also, is all of it or half of it will be deducted on line 12?

The employee portion for Federal withholding is paid by the employee out of their salaries, so that is only deductible as part of the salary paid. There should be no state employer portion for withholding.

It is all of it. The W-2 reports what the employee paid, the other half is paid by the employer, which is why you can use the W-2 (they're equal amounts).

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