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1120S wages


Taxes Rule

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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. 

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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.

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