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blw0414
Returning Member

LLC and full time job paying estimated tax

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?

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2 Replies

LLC and full time job paying estimated tax

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.

 

blw0414
Returning Member

LLC and full time job paying estimated tax

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.

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