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Merlo
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Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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If I am in a LLC, do I take a paycheck with fica,med dedu

Resolved Question:

If I am in a LLC, do I take a paycheck with fica,med deductions.
Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.

Hello ttdmom,

 

If you are a member of an LLC and the LLC is paying you a salary, then the LLC should also be withholding all applicable federal and state income taxes as well as your share of the social security and medicare taxes that are due. These taxes would then be submitted quarterly to the IRS and to the state.

 

At the end of the year the LLC will issue you a W-2 form just as you would receive from any other employer.

 

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Thank you.

 

 

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