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Click to view bodonnell55's profile Start-up bodonnell55 1 posts since
Dec 29, 2007
15. Re: Does an LLC need to pay Self Employment taxes? Dec 29, 2007 1:33 PM
in response to: Pablo14
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.
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,926 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
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