topic LLC and full time job paying estimated tax in Get your taxes done using TurboTax

LLC and full time job paying estimated tax

blw0414 — Sat, 06 Jul 2019 15:25:16 GMT

I own an LLC but also have a full time job. I have done one consulting project under the LLC and don't expect to do more. This project will result in greater than 1K in tax liability - do I make a one-time quarterly payment? What is the best way to make this payment?

My income from full time employment will exceed the maximum amount for social security - do I need to pay self employment tax on the amount of income from the project if my total annual income will have met the max?

Re: LLC and full time job paying estimated tax

VolvoGirl — Sat, 06 Jul 2019 15:47:34 GMT

Yes. Even though you met the max for Social Security the Medicare part does not max out. You can make a one time payment directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2019 Estimate

Medicare is 2.9% (both er & ee parts) of all wages & schedule C profit - no max.

Re: LLC and full time job paying estimated tax

blw0414 — Sat, 06 Jul 2019 16:33:50 GMT

what turbo tax software is best for 2019 quarterly estimated payments and 2019 tax filing? The software options I see are for year 2018 taxes.