Thanks again all for your assistance.
For my single member LLC, I was wondering about eftps/quartery payments:
https://www.irs.gov/instructions/i941
"
Social security and Medicare tax for 2021.
The rate of social security tax on taxable wages, except for qualified sick leave wages and qualified family leave wages, is 6.2% each for the employer and employee or 12.4% for both. Qualified sick leave wages and qualified family leave wages aren't subject to the employer share of social security tax; therefore, the tax rate on these wages is 6.2%. The social security wage base limit is $142,800.
The Medicare tax rate is 1.45% each for the employee and employer, unchanged from 2020. There is no wage base limit for Medicare tax."
So, for SS wages, if you are a single member LLC, and you are the employer and the employee, would you be 12.4%(6.2% + 6.2%) or just 6.2%?
And for medicare, is it 1.45% or 2.90%?
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Related, for my 2 member LLC, for each quarter, it is 12.4% withholding for SS for each W-2 employee, and 2.90% for medicare, for each, or does it matter at all, just like for the first LLC, that you are the owners?
Thank you,
