You have a couple of options, but first a bit of explanation. As single member LLC, the IRS considers you a "disregarded entity" unless and until you file an election to be treated as an S-Corp. As a disregarded entity, you file your business income and expenses on Schedule C - Profit or Loss from Business (Sole Proprietorship). You are self-employed as far as the IRS is considered. You are not supposed to pay yourself as a W-2 employee. You pay your Social Security and Medicare tax via Schedule SE. If you have elected S-Corp status (and you can make the election when you file) you file your business income and expenses on Form 1120-S. You treat yourself as an employee and pay yourself via W-2. Any net profit the Company has (including the expense of paying you as an employee) is reported as income on a K-1.
So, what are your options? You can file Schedule C (you will need to upgrade to TurboTax Self-Employed) and report your payroll expenses as if you were paying a 3rd party. While not the correct way to do things, you won't be penalized. You won't be the first person to do that. Your other option is to file an 1120-S, and make an election to be treated as an S-Corp with your return. You will need to purchase TuboTax Business. If you make the S-Corp Election, you will have to file an 1120-S each year, even if you have no income and no expenses, unless and until you revoke your S-Corp election. If you remain a disregarded entity, you will only have to file Schedule along with your personal tax return IF you have self-employment income and/or expenses to report.
Either way, if you paid Social Security that is in excess of the withholding amount on the $137,000 of earnings subject to taxation for 2022, you will be credited for that on your tax return, whichever way you file. There is no earnings limit on the Medicare tax.
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