Self-Employment ("SE") tax is 15.3% of 92.35% of SE net income. So the SE tax calculation based upon your fact pattern is $10,000 (Net Income *0.9235*0.153=$1,413.
So, if this is a single member LLC it would file on a Schedule C. The best way to look at this is marginal income.
So, let’s start with the tax brackets for 2024:
2024 Filing Status: Single, Married Filing Jointly (MFJ), and Qualifying Surviving Spouse (QSS)
|
Tax Rate
|
Single Taxable Income Range (2024)
|
MFJ and QSS Taxable Income Range (2024)
|
|
10%
|
Not over $11,600
|
Not over $23,200
|
|
12%
|
Over $11,600 but not over $47,150
|
Over $23,200 but not over $94,300
|
|
22%
|
Over $47,150 but not over $100,525
|
Over $94,300 but not over $201,050
|
|
24%
|
Over $100,525 but not over $191,950
|
Over $201,050 but not over $383,900
|
|
32%
|
Over $191,950 but not over $243,725
|
Over $383,900 but not over $487,450
|
|
35%
|
Over $243,725 but not over $609,350
|
Over $487,450 but not over $731,200
|
|
37%
|
Over $609,350
|
Over $731,200
|
2024 Filing Status: Head of Household (HOH) and Married Filing Separately (MFS)
|
Tax Rate
|
HOH Taxable Income Range (2024)
|
MFS Taxable Income Range (2024)
|
|
10%
|
Not over $16,550
|
Not over $11,600
|
|
12%
|
Over $16,550 but not over $63,100
|
Over $11,600 but not over $47,150
|
|
22%
|
Over $63,100 but not over $100,500
|
Over $47,150 but not over $100,525
|
|
24%
|
Over $100,500 but not over $191,950
|
Over $100,525 but not over $191,950
|
|
32%
|
Over $191,950 but not over $243,700
|
Over $191,950 but not over $243,725
|
|
35%
|
Over $243,700 but not over $609,350
|
Over $243,725 but not over $365,600
|
|
37%
|
Over $609,350
|
Over $365,600
|
If your filing status is single the standard deduction would be $14,600 for tax year 2024. If Married Filing Jointly it is $29,200.
You would need to take all the income for the full tax year and go through the tax brackets. If all the income including the LLC was less than $50K or for that matter $61,750 if you are single, then you would not even reach the 22% tax bracket.
Thank you so much for your question
Be well and safe!
Marc T.
Turbo Tax Expert
27 Years of Experience Helping Clients
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