ForumsTaxes and Payroll

Up to All Forums

This Question is Answered

1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)

1 2 Previous Next

bodonnell55 1 posts since
Dec 29, 2007

15. Re: Does an LLC need to pay Self Employment taxes? Dec 29, 2007 1:33 PM

The tax status of an LLC is optional in that the LLC can choose to be taxed as an association (as a corporate entity) or a partnership. The partnership entity is a pass-through entity and the members of the LLC would pay self-empolyment taxes. If the LLC chooses to be taxed as a corporation, then the corporation would pay the payroll taxes of 7.65% on the members earning. This is called "check the box" regulation.

Report as inappropriate

LUCKIEST 7,933 posts since
Aug 6, 2007

16. Re: Does an LLC need to pay Self Employment taxes? Dec 29, 2007 2:25 PM

in response to: bodonnell55

Thanks b55. This is the first time that I have heard about this "check the box" regulation.
Always learning something new. Thanks
LUCKIEST

Report as inappropriate

1 2 Previous Next

ForumsTaxes and Payroll

This Question is Answered

More Like This

Most Recent Forum Posts

Legend