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Originally Posted by Baldman I am an LMT and I have a FT job where my w2 employer reports taxes and tips. I started a single member LLC this year for private clients as well. I am trying to determine what form to use to report tips for the LLC so they can be calculated into the fica taxes on my 1040 form. |
The tips are the same as the other s.e. income, and aren't reported separately. as an owner of your SMLLC, you are a self employer so you generally have to pay self-employment tax as well as income tax. Self-employment tax is a Social Security and Medicare tax primarily for individuals who work for themselves.