Where do I enter my company's income, social security, and medicare taxes (and payments)?
I have a small business (Delaware C-Corp) and 2022 was the first year we had employees. I'm using TurboTax Business 2022 and I'm not sure where I would put the information regarding Employer's quarterly federal tax return (From Gusto, Form 941.
Let's say the business had:
- An income of $100,000 from federal & state grants,
- $25,000 in business expenses,
- $60,000 in wages (Box 2 Form 941), and
- $15,000 paid in Federal income tax, social security, and Medicare taxes (Box 10 Form 941)
Payroll (Gusto) handled making the payments for the company throughout the year.
If I enter $100,000 under Income ("All other income"), $60,000 in "Salaries and Wages", and $25,000 in "Business Expenses", when the books balance out it would look like the business profited $15,000. However, this is not the case, as the business paid $15,000 over the year to payroll.
1) Do I combine wages and the federal income, social security, and Medicare taxes and enter in "Salaries and wages" on the Deductions page?
2) Are those taxes added to Payroll taxes? I didn't see them listed under "Learn More" examples
3) If not one of those two, then where do I enter the information for taxes paid due to payroll?
Thanks!
