An LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes, so the income and expenses of the LLC are reported on the owner's Form 1040, Schedule C (sole proprietorship for a business), Schedule E (real estate rental), or Schedule F (farming). Note that a Single Member LLC can elect to be taxed as a corporation (C corp or S corp) for federal tax purposes - but based on your question I don't think you made that election, so I will answer based on the LLC being reported as a sole proprietorship on your personal tax return, Schedule C.
As a Schedule C business, your net business income will be taxed based on your individual tax rates - so you would use the tax brackets for individual returns to determine what rate your business income will be taxed at.
In addition to income taxes, you will pay the Self-Employment Taxes on your net Schedule C Income. Self-employment tax is comprised of Social Security and Medicare tax assessed on taxpayers who work for themselves. Self-employment tax is similar to FICA taxes withheld from the pay of most wage earners. The SE tax rate on net earnings is 15.3% (12.4% Social Security tax plus 2.9% Medicare tax). Note that only
the first $160,200 (2023) of net earnings from self-employment is subject to the 12.4% Social Security part of self-employment tax. All net earnings from self-employment are subject to the 2.9% Medicare part of self-employment tax.
A taxpayer can also deduct one-half of the total self-employment tax amount as an adjustment to income on line 15, Schedule 1 (Form 1040).
Generally speaking, if you have income from self-employment of $10,000, your self employment tax is roughly $1,400 and the deduction for self-employment taxes is roughly $700 (the tax is calculated by taking your net profit from Schedule C and multiplying by 92.35%, so the actual tax is slightly less than 15.3%).
Additionally, under current tax law you may be eligible to take a Qualified Business Income Deduction of up to 20% of your qualified business income. Be aware that this deduction is currently set to expire after 2025.
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