newbizowner
Feb 23, 2010, 02:45 PM
I'm filling out line 26 (Wages) of Schedule C and am unsure of what to put down. My journal entry for the wages I pay my employees looks like this: debit Salary Expense 100,000 and credit Federal Income Tax Payable 15,000, State Income Tax Payable 5,000, FICA Tax Payable 7,650, and Cash 72,350. Do I put down the full 100,000 on this line, or just the cash that I paid out?