hello, my name is XXXXX XXXXX I'll be happy to answer your questions
As a single member LLC you essentially for a schedule C where all of your business related income & exps are reported
as a self employee person the deductible portion of your ins premiums are factored in as an adjustment to your income on your 1040 not on schedule C
NO payroll per say, but any net income would be income earned and if you had a gain Social Security taxes would also be due if you had a gain only not a loss. By the way, if you had a loss that loss is deductible against any other income you may have had also on 1040
you may setup a 401k for the LLC
and yes, the 50% of insurance premiums is limited by your net schedule C, so prepare schedule C 1st and then go on to see what portion of your ins premiums may or may not be recorded in adjustments section
I can see on my 1040 where my accountant deducted the self employment health insurance, but i am confused by the " 50% of insurance premiums is limited by your net schedule C". where is this located on the return?
i believe you are mistaken. the limitation of $5K or $6K is for an IRA not a 401K.best,