Bill and Kevin operate a handyman business. They have three employees working full-time. The total payroll for the year was $105,000 ($35,000 per employee). The total withholdings for the year are as follows: Withholding Type Employee Paid Employer Paid Federal $12,600.00 Social Security $ 6,510.00 $6,510.00 Medicare $ 1,522.50 $1,522.50 State $ 5,250.00 What amount of the taxes listed above will Bill and Kevin be able to deduct on their business return as an expense?

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Bill and Kevins Deductible Taxes on Business Return Heres a breakdown of the deductible taxes Bill a... View the full answer