How to calculate wages paid to employees?
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I own a s-corp and pay my employer contribution of FICA and Medicaid taxes(6.75%). If i paid 100$ as a salary to employee A, withheld 7.65$ toward employee FICA and medicaid, and contributed another 7.65$ as the employer share, the total money coming out from my company towards the payroll would be 107.65$ While filing company taxes, What should i declare as the Total Wages my company paid? 100$ or 107.65$
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Answer:
$100. and report the $7.65 as taxes.
Nani R at Yahoo! Answers Visit the source
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