Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-10-2015, 01:19 PM
Junior Member
 
Join Date: Jan 2015
Posts: 1
Reporting Tips for a Single Member LLC

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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-11-2015, 07:30 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by Baldman View Post
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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Single Member LLC Non US member pizzamy Limited Liability Company 1 01-16-2010 11:52 PM
Single member llc to two member llc smllc Limited Liability Company 0 01-16-2010 11:49 PM
Single Member LLC Bankruptcy taraadis Limited Liability Company 0 04-02-2008 04:40 PM
Single member LLC Question bobbranner Limited Liability Company 0 02-09-2008 11:31 PM
Can A Single Member Llc Convert To Inc aloke07 Limited Liability Company 0 10-26-2007 09:20 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.