Congratulations on your new business!
A single member LLC is defaulted to a sole proprietorship by the IRS for tax purposes. You will file a Schedule C attached to your 1040. All the net profit will be taxed for both self-employment tax and income tax. You can pay yourself by taking what’s termed “owner draws”. Whether you draw out the entire profit amount or not, you’re still taxed on the entire profit.
Some LLCs make an election to be taxed as a corporation. In this case, you pay yourself a salary and can use the remaining profits in the business or take them as distributions which may not be subject to self-employment tax.
Here is a great article that goes into detail: https://turbotax.intuit.com/tax-tips/self-employment-taxes/tips-to-reduce-self-employment-taxes/L9K7...
Hope this helps!
Cindy
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