This paper investigates the equeeze film damping of a perforated planar micromechanical structure that oscillates in the normal direction to the substrate. Special focus has been places on the effect of holes and edges of the perforated planar microstructures on the squeeze film damping of oscillatory motions. Theoretical models and test structures of the squeeze film damping have been developed for the transversely oscillating perforated plates. A set of nine different test structures, having three different sized with three different numbers of perforations, has been fabricated and tested. The experimental Q-factors, measured from the fabricated test structures, are compared with the theoretical values, estimated from finite element analysis. It is found that the finite element analysis overestimates the Q-factors up to 150% of the experimental values. Major discrepancy comes from the inaccuracy of the zero pressure condition, placed by the finite element analysis along the perforated edges.