Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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.
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
3/14/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
Experience: Adjunct Professor
Verified

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: 1,038
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month 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 1 month 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).

Ask Your Own Tax Question
Was this answer helpful?
Ask Carter McBride Your Own Question
Carter McBride
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
1,038 Satisfied Customers
Experience: Adjunct Professor

Carter McBride is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Child 15 had w-2 income of $1300 and social security
child 15 had w-2 income of $1300 and social security payments of $15000. What NYS tax form do we use? Child is claimed as dependent on parents return. Is social security payments taxable? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If my Employer deducted NJ taxes instead of VA state where I
If my Employer deducted NJ taxes instead of VA state where I am resident and worked in VA. How should I claim the taxes paid in NJ and how should I file the taxes… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
I live in state and would like to take a sales tax deduction
I live in Washington state and would like to take a sales tax deduction (made a major purchase). My local sales tax is 10.10%. I paid 10.30% taxes on the boat in another town in state. I'm filing 1040… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
For 2018, what is the income limit to be able to deduct
for 2018, what is the income limit to be able to deduct rental losses … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have question regardind state tax deductions for
I have question regardind state tax deductions for 2017.Besides the state tax I paid(NJ). for 2017 I am also paing the ste monthly for additional tax oed for unreported income for 2011,2012 and 2013.S… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Tax deductions. Can i deduct the conversion on my income
tax deductions JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: can i deduct the conversion on my income taxes JA: Is there anything else the Accountan… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I have 2 W-2 forms entered into my taxed. I have 2 W-2 forms
I have 2 W-2 forms with very similar income and withholding entered into my turbo tax program. After I entered the second w-2 (again, similar income and withholding) the amount of my refund is significantly less. Why is that? … read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
1,038 satisfied customers
I entered the federal tax withholding as my state tax
I entered the federal tax withholding as my state tax withholding. I discovered my error after I received my refund check. I actually owe $178. How do I send back the refund money? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
Where do you deduct DD on your W-2 form? On W-2 form I have
Where do you deduct DD on your W-2 form? JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: On W-2 form I have $6120.Cost of health coverage. JA: Is ther… read more
abci168
abci168
Principal
27 satisfied customers
Has the IRS made any ruling on the deduction of state
Has the IRS made any ruling on the deduction of state withholding tax and real estate taxes on Schedule A for 2018. Will there be a requirement to deduct withholding in total before moving to real est… read more
abci168
abci168
Principal
27 satisfied customers
Second opinion] on my 1120s i have to deduct payroll taxes,
second opinion] on my 1120s i have to deduct payroll taxes, IM confused between the difference of the taxes i withheld from the employee paycheck and the taxes the company paid?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
On my 1120s i have to deduct payroll taxes, IM confused
on my 1120s i have to deduct payroll taxes, IM confused between the difference of the taxes i withheld from the employee paycheck and the taxes the company paid?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
On my 1120s i have to deduct payroll taxes, IM confused
on my 1120s i have to deduct payroll taxes, IM confused between the difference of the taxes i withheld from the employee paycheck and the taxes the company paid?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
Can I submit the federal taxes with an itemize deduction and
Can I submit the federal taxes with an itemize deduction and the state with a standard deduction form? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I'm late with my state and federal payroll tax obligations.
I'm late with my state and federal payroll tax obligations. Can I get a waiver on penalties?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I noticed that copy 2 of the W-2 has one copy with the state
I noticed that copy 2 of the W-2 has one copy with the state and local boxes populated, then the second copy only has the state info (local tax info is not there). I assume this is because one is for … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
921 satisfied customers
Tax law.FICA Tax law. W-4 and W-2 payroll tax withholding
tax law.FICA Tax law. W-4 and W-2 payroll tax withholding from wages and salaries.gross pay and take home pay. number of hours measured direct work assigned by W-4 and W-2 forms. for Medicare eligibil… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
FICA payroll employer tax withholding tax forms W-4 and W-2
FICA payroll employer tax withholding tax forms W-4 and W-2 forms. The accountant for the man I worked for from1976-1984 did not provide me with W-4 forms to complete and return to him or W-2 forms to… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x