S Corp Question Form 1120S

[ETax847]

Are the following line items deducitble on an SCorp Return:

Employee FICA

Employer FICA

Federal Taxes

Health and Dental Insurance

Life Insurance

[JohnH]

The answer is, "it depends".

(no joke - that really is the answer)

Sorry if this sounds insensitive but have to ask.

You sure you want to be preparing an "S" Corp return if you don't know the various answers to your question?

[imjulier]

I agree, it sounds like you are in over your head.

[kcjenkins]

Are the following line items deducitble on an SCorp Return:

Employee FICA

Employer FICA

Federal Taxes

Health and Dental Insurance

Life Insurance

Basically, the EmployER portion is an expense, the EmployEE portion is not, because it is already in the Wages expense.

[kcjenkins]

I agree with those who posted that the OP might not yet know enough to do the return. But I also think that they deserve an answer that helps them learn. Thus my previous post.

[Lion EA]

EmployEE FICA is already deducted as Wages.

EmployER FICA is a deduction; I usually group it with Payroll Taxes.

Federal Taxes are seldom a tax deduction on any type of return; they were simply the result of the prior year federal return.

Health and Dental Insurance paid for regular employees can be deductions; paid for the greater than 2% shareholder/employee they go on the W-2 as part of his compensation (he'll deduct them on his 1040).

Life Insurance can be a deduction if paid for regular employees, but there's an IRS chart to look up the amount to put on W-2. If you're talking about keyman insurance or insurance for shareholder/employees, it's out of my pay grade. None of my S-corps have any type of life insurance, so I haven't looked this up.

Make use of your Tax Book or other research materials now and consider an S-corp course after tax season.

[JohnH]

Much better answer than mine, but among other things I'm wondering about the original post -

why an S corp would even have paid Federal Taxes (unless it was a C corp in the prior year).

[Gail in Virginia]

Much better answer than mine, but among other things I'm wondering about the original post -

why an S corp would even have paid Federal Taxes (unless it was a C corp in the prior year).

Or based on the other questions, I assumed the OP was asking about federal taxes withheld from wages - which of course would be included in the total wages and not deducted again.

[Lion EA]

I was trying to figure out what they meant by federal wages!