Are LLCs subject to self employment SE Tax?
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Tax Professional Answers
John Stancil
That depends. If the LLC is taxed as a sole proprietorship or partnership, the amount of profit is subject to SE tax. If it is taxed as a corporation, there is no SE tax, but you must pay yourself a reasonable salary with taxes withheld, assuming you are an employee of the corporation..
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322 weeks ago
John Stancil
That depends. If the LLC is taxed as a sole proprietorship or partnership, the amount of profit is subject to SE tax. If it is taxed as a corporation, there is no SE tax, but you must pay yourself a reasonable salary with taxes withheld, assuming you are an employee of the corporation..
Leave a Comment
322 weeks ago
John Stancil
That depends. If the LLC is taxed as a sole proprietorship or partnership, the amount of profit is subject to SE tax. If it is taxed as a corporation, there is no SE tax, but you must pay yourself a reasonable salary with taxes withheld, assuming you are an employee of the corporation..
Leave a Comment
322 weeks ago