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Are emplyers required to deduct payroll taxes for employees?
Yes. There are rules formulated for deduction of taxes from employees and depositing the deducted taxes with the government.
Where do you deduct payroll taxes on form 1120?
Payroll withholding is NOT an expense to the Company...it is part of payroll that you send to the IRS/State rather than give to the employee...although the cost of it is his salary. Other payroll costs are recorded as what they are..insurance, employee benefits, etc.
What is a the difference between an income tax and a payroll tax?
Income taxes are used for a wide variety of government activities while payroll taxes pay for specific programs.
What are examples of payroll taxes?
Social Security Taxes, FICA, and medicare are payroll taxes.
Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
Are emplyers required to deduct payroll taxes for employees?
Yes. There are rules formulated for deduction of taxes from employees and depositing the deducted taxes with the government.
What is formulated into payroll tax deductions?
You will always want to deduct any taxes that are paid out of your income. You can also deduct premiums for life insurance, as well as other types of insurance.
Where do you deduct payroll taxes on form 1120?
Payroll withholding is NOT an expense to the Company...it is part of payroll that you send to the IRS/State rather than give to the employee...although the cost of it is his salary. Other payroll costs are recorded as what they are..insurance, employee benefits, etc.
What is a the difference between an income tax and a payroll tax?
Income taxes are used for a wide variety of government activities while payroll taxes pay for specific programs.
What are examples of payroll taxes?
Social Security Taxes, FICA, and medicare are payroll taxes.
Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
What it payroll company does not pay payroll taxes?
Has this happened, or are you just curious? By law the payroll service has to pay the taxes to the government, that are with held.
Can you deduct house insurance from your taxes?
No.
Can you deduct the amount you pay your tax account?
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
Can you deduct life insurance premiums on taxes?
No
Will I be able to deduct a portion of my local property taxes from my NY state income tax?
No. However, you can deduct property taxes from your federal tax liability.
Can you deduct the interest paid on state taxes on your federal income taxes?
yes
