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Business & farm
What kind of LLC are you? Did you set up as a S corp? If you are a Single Member LLC that is not a S corp you do not pay yourself. It is a disregarded entity and you fill out a Schedule C in your personal 1040 tax return for it. Then the Net Profit or Loss on Sch C is your actual income. You pay Self Employment tax on the Net Profit. The SE tax is to cover the FICA (SS & Medicare). Both the employer and employee parts.
‎November 15, 2019
3:51 PM