Need Help With Payroll Tax Expense For Individual And Company

atomicx914 · #1 (**permalink**) 01-15-2014, 01:50 AM

OK for example, you work for a public accounting firm you make $100,000 but you only clear $60,000 because of state, fed and SS taxes.
-can the employer deduct that 40,000 that was for taxes?
-And what does the employee do with that?

PLease help, confused

thank you

Wnhough · #2 (**permalink**) 01-15-2014, 03:56 AM

Quote:

Originally Posted by atomicx914

OK for example, you work for a public accounting firm you make $100,000 but you only clear $60,000 because of state, fed and SS taxes.
#1;can the employer deduct that 40,000 that was for taxes?

#2;And what does the employee do with that?

PLease help, confused

thank you

#1; ER can deduct Social security and Medicare taxes paid to match required withholding from employees' wages on Sch C on line 23.

#2;EE can never deduct FICA taxes withheld from his paychecks.

atomicx914 · #3 (**permalink**) 01-15-2014, 12:22 PM

thank you, that is what I thought that the EE can deduct anything.

Thanks AGAIN