@SLYKTAX wrote:
Is it mandatory to take a self employment pay?....Do I have to pay for SSI & Medicare tax as well?
As single-member LLCs are disregarded for federal income tax purposes, you do not take a salary.
Rather, you report your income and expenses on Schedule C (1040) and the net profit is reported on Schedule SE where self-employment tax (SS/Med) will be calculated.
