A multi member LLC is taxed as a partnership
, and no payroll checks are issued. All of the income
from the LLC simply flows through to the partners, and you report that income on your personal tax return
at the end of the year.
If you were established as an S Corp or a C Corp, then you would issue regular paychecks to yourself and to your husband, and the corporation itself pays a share of your SS and Medicare taxes
. But with a partnership, the partnership itself pays no taxes, so no payroll is issued to pay the partners. Each partner will report his share of the income on his tax return at the end of the year, and will be responsible for not only income taxes
, but for the full share of SS and Medciare taxes that are due.
You can and should make estimated tax payments
on a quarterly
basis to cover what you think you might owe at the end of the year, but you would not pay in taxes through payroll deductions
, as this only applies to corporations.
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Thank you rosa and let me know if you have more questions.