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1120 S Wages

Level 3

On 1120S: How do I segregate wages, health care coverage, taxes, retirement....?

Line 7 Comp of Officers: What goes there? Is it gross pay, OR is it gross pay subtract Cafe 125 and 401K, OR is Gross pay subtract Cafe 125.

Line 8 Salaries and Wages: Same question

Line 12 taxes and licenses: Total FICA taxes paid by employer for all employees including shareholders? (FUTA etc...)

Line 17 pension and profit sharing: ?

Line 18 Employee Benefits: Employer matching 401k?

Line 19: Employer cost of Health insurance? I know a lot else goes there but specifically concerned about health care coverage. 


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1 Comment 1
Level 11
Level 11

Those things are all a matter of professional judgement and personal preference. As long as you can reconcile your numbers to the source documents, what you call it isn't that important.

Bear in mind when you're preparing returns that wages for QBI purposes is not necessarily the same as wages for Lines 7 and 8.