No, a Single Member LLC cannot issue themselves a W-2. An individual owner of a single-member LLC that operates a trade or business is subject to the tax on net earnings from self employment in the same manner as a sole proprietorship. You are not allowed to deduct wages you pay yourself. Net earnings are reported on Form 1040 Schedule C, Profit or Loss from Business (Sole Proprietorship) .
You must amend your Payroll Tax Returns to reverse your payroll. For additional information, click on Correcting Employment Taxes | Internal Revenue Service - IRS.gov.
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