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angiepink63
Level 1

What percentage of the reported payroll taxes are deductible?

I am filing our end of year taxes, I need to know what percentage of the reported payroll taxes are deductible. I am in Utah. I would call the support line but they are closed. 

2 REPLIES 2
john-pero
Community Champion

What percentage of the reported payroll taxes are deductible?

100% of the employer share and only employer share. There is no percentage since each employee's federal withholding is at a different rate, although you can divide the reported FICA exactly in half - one half is deducted from employee wages, one half is company match.  If payroll is "in" quickbooks then the calculations are already made and your share of taxes is (usually) already included in gross payroll. Look at your filed 941 reports

Anonymous
Not applicable

What percentage of the reported payroll taxes are deductible?

Another way of looking at it is that all payroll related expenses are normally deductible.  You'll see these expense on your P&L and they amount to the salaries paid, various company paid benefit expenses, and company paid tax expenses.