SUTA AND FUTA

[Tiger5]

on the suta form which line is deductible and on what line on the schedule C should it be added to? 

on the Futa form 940 which line is deductible and what line on schedule c should it be added to?

[Just-Lisa-Now-]

I include payroll taxes under Taxes and Licenses.

[Tiger5]

thank you Lisa

[Just-Lisa-Now-]

I dont know what uc-1 or W5Z are.

The employer portion of payroll taxes paid during the year goes on Sch C. 

[dd4vols · Accepted solution]

most states have SUTA form filing requirements quarterly. And the FUTA form (940) is filed annually.

the amount of taxes that is the employer portion ...is all that is  deductible....in both instances. All of the FUTA tax is the employer's responsibility...and all of the SUTA payments in my state (Tennessee) are the employer's responsibility.  Not sure if any state makes the employee pay part of his unemployment tax..none in the surrounding states around me do.  

[Tiger5]

thank you for explaining 

i have the 940 form futa and the uc-1 which is the suta

[dd4vols]

unemployment taxes have ZERO to do with Social Security and Medicare deducted. ZERO!  If you don't understand that...and based on some of the other questions you have asked in the community...... then you may be in a little over your head in tax preparation... just my opinion.

[Tiger5]

understand. 

[qbteachmt]

"in addition to futa and suta you can also deduct the medicare tax withheld and the medicare tax withheld on the schedule C right?"

Nope. None of that.

You need to understand "payroll math."

Gross wages and employer share of taxes = the business' costs.

Withholdings are not the Business' cost. They are part of Banking. The deductions from staff are forwarded to the various agencies, and were already part of Gross, but this is the part the employees did not get to Take Home.

If you don't understand this, it is time to work under another person as a mentor.

[dd4vols]

in addition to futa and suta you can also deduct the medicare tax withheld and the medicare tax withheld on the schedule C right?

Let me revise my statement  . Then you ARE in  over your head in tax preparation... just my opinion.

If you are charging people for tax preparation.... that is an issue.....

[Tiger5]

thank you for all your advise it is very much appreciated 

[qbteachmt]

@Tiger5 

"I am inquiring for a business that wants to do there own taxes."

You previously were told this is Not the place for you. You are lost on the internet. You have asked a Professional Tax Preparer forum about something these people charge for, and this forum is for using specific programs that help them work on their clients' taxes.

This forum is not for Free advice or third-party tax advice.

You should delete this bookmark.

[Tiger5]

h

[Tiger5]

how do you delete