Taxes Rule Posted February 8, 2021 Report Share Posted February 8, 2021 On 1120S: How do I seperate 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. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 8, 2021 Report Share Posted February 8, 2021 From the instructions for line 7: Don't include salaries and wages reported elsewhere on the return, such as amounts included in cost of goods sold, elective contributions to a section 401(k) cash or deferred arrangement, or amounts contributed under a salary reduction SEP agreement or a SIMPLE IRA plan. So, for lines 7 & 8, report this as gross minus the 125 & 401k deferrals Line 12 - this would be all inclusive, including the portion for shareholders and officers, unless some of the expense is separated out in COS line 17 - include employer match AND employees' and officers' deferrals here that weren't on lines 7 & 8 line 18 - include any employee benefits including the sec 125 elective deferrals not included on lines 7 & 8 line 19 - not exactly sure what your question is for this line. Quote Link to comment Share on other sites More sharing options...
Bart Posted February 8, 2021 Report Share Posted February 8, 2021 Maybe a class on 1120S tax preparation 2 1 Quote Link to comment Share on other sites More sharing options...
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