You'll need to sign in or create an account to connect with an expert.
No. You will pay self-employment tax for the self-employment income you are getting from the LLC. The SE is for Social Security and Medicare. You can also prepare a schedule C for your business expenses for the LLC.
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment
https://ttlc.intuit.com/questions/1901205-where-do-i-find-schedule-se
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
by the way if your LLC has not elected S-Corp status, technically you are not an employee of your own unincorporated business. the wages you earn with the law firm will reduce the fica taxes yo pay on your LLC's net earnings. there is no limit for compensation (wages and self employment income) subject to medicare taxes. FiCa is imposed on a maximum of $132,900 of the total of fica wages and self employment income.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
olegyk
Level 1
louisandsteph
New Member
badams_taxes
Level 3
adamtki69
New Member
kongie62
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.