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pboychuk · 03-16-2008, 04:03 PM

I am being lazy, but mostly because I feel I have been misinformed. Basically, I am confused about what taxes i need to pay as the sole managing member of an LLC. I have been told I will have to pay myself a salary, which should be "as low as possible" I will pay withholding taxes on this salary at 15% every quarter. Also, I must pay income tax. What about self employment tax? I am really confused and really do not want to have to pay thousands of dollars in withholding taxes if i dont have to. Ya, basically im very confused and not ready for an accountant.

pboychuk · 03-16-2008, 04:28 PM

Ooops I knocked my question to the depths of the forum where it may never be seen.

latinolive · 03-16-2008, 04:50 PM

Since you are a LLC, taxes are a pass through to you as the member of the LLC. You can pay yourself a draw, which some consider a salary. If you do not have a tax accountant, I would consider that you consult with one. Depending upon how you set your LLC up, you may need to pay employment taxes.

hugh009 · 03-17-2008, 11:52 AM

Good advice from LatinOlive! Don't skimp here!

2gould · 03-17-2008, 12:03 PM

The best way to keep from being misinformed regarding LLCs is by speaking with a competent attorney.