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| *The Commerce Journal>>>Canada Taxes |
Can somebody help me with payroll tax deduction on corporation.? |
let say a corporation pays 50,000.00 in payroll how much of this amount can be deducted as payroll tax. When you write that the corporation pays 50,000 in payroll, do you mean as wages? Or does that include employer paid benefits? I'm not sure what you mean by "deducted as payroll tax". The payroll department would calculate the withholding taxes (CPP/QPP, E.I., etc.) for each employee and the employer portion of same. These are the payroll taxes and have to be remitted to the various government agencies (CRA, MRQ, Workmen's comp, etc.). The deduction for payroll & payroll expenses for the corporation's profit and loss statement and income tax return would be all of those salaries & wages + the employer paid portions of the remittances and any other employer paid benefits, e.g., private health insurance premiums. |
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