First, you've come to an income tax preparation community. Not payroll or bookkeeping.

Next, you asked a payroll question. Plain and simple deferring of payroll for company debt isn't really legal in the US. This could be payroll as usual, with the take home amount loaned to the employer. Or...

Salary Deferral could be part of a compensation plan, where it falls under retirement regulations for the portion deferred. Or...

You are asking about a restricted stock unit program. Or...

The issue of accounting for taxes or not cannot be answered here. There is not enough info. Let me offer this description:

"Deferred compensation plans allow employees to withhold a certain amount of their salaries or wages for a specific purpose. Deferred compensation plans can be qualified or non-qualified. Qualified plans fall under the Employee Retirement Income Security Act and include 401(k)s and 403(b)s."

Once you examine the specifics and apply the matrix of regulations, you might be able to answer this yourself. The web is not the place to get these answers, and at the least, you need to ask Payroll people.

This is not a question for Practice Advice, e.g. running your business.

Your teacher probably would frown on this use of the interwebs, as well.