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We have one partner in our LLC that takes Guaranteed

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Good Morning, we have one...
Good Morning, we have one partner in our LLC that takes Guaranteed payements. It is a MD based LLC. Should we be or what is the proper tax treatment that we should maintain. I know the employee is responsible for his own taxes, but does the company need to pay SS or any other tax quarterly on those amounts
Submitted: 4 months ago.Category: Tax
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Answered in 4 minutes by:
3/7/2018
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,387
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The entity, in your case the LLC partnership, does not withhold any taxes.

The partner is responsible to pay any and all taxes.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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