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I work a regular 9-5 with a law firm and own a LLC business in which I am the only employee. I provide writing services, and do not sell products. Am I FICA exempt?

 
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2 Replies

I work a regular 9-5 with a law firm and own a LLC business in which I am the only employee. I provide writing services, and do not sell products. Am I FICA exempt?

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Anonymous
Not applicable

I work a regular 9-5 with a law firm and own a LLC business in which I am the only employee. I provide writing services, and do not sell products. Am I FICA exempt?

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.    

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