The Small Business Tax Help Blog

Posts Tagged ‘self employment tax llc member’

Question: Tax Question for an LLC?

I have a company that sells software online to fx traders in 2008?

Revenues: $ 74,952.00
Expenses: $ 13,123.66
Net Income: $ 61,828.34

What would the total tax be for a “single member LLC” in Illinois
Which includes federal, state, and self-employment taxes?
And any other taxes that I might be forgetting.

Thanks

Answer: You’ll need to file a separate return using your EIN. The LLC return should produce a K-1 form. You would pay your income tax showing the net proceeds from the K-1.
The rough estimate on the Fed portion of the LLC will be between 25-30% of your net income.

U.S. Economy: Manufacturing, Jobless Claims Point to Slowdown

Reports on U.S. manufacturing, employment and home sales pointed to slower growth in the second half of the year, just as government spending to stimulate the economy begins to wane.

Ch. 4 LLC & Self Employment Tax

2009 and the USOC deal

The biggest local story of 2009 was unquestionably the USOC deal. Here’s a recap of the stories that chronicled the unraveling, collapse and revival of the agreements between the U.S. Olympic Committee, LandCo Equity Partners and the City of Colorado Springs. March: City drags feet On March 6th, a story appeared that asking why the city had yet [...]

Ch. 4 LLC & Self Employment Tax