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I have LLC and my gross income for over 10 years is around…

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Hello , I have...

Hello , I have LLC and my gross income for over 10 years is around 50k after deduction expenses my income is around 11k . I went to see my ssn statement and there is no evidence of any income . does that mean my accountant have not clam no income ? I have an accountant for reason , I don't understand taxes and I want to do the right thing.

Accountant's Assistant: Which tax year is the deduction for?

2007 to 2017 every year

Submitted: 2 months ago.Category: Tax
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Answered in 36 minutes by:
5/28/2018
Tax Professional: James Daloisio, Tax Attorney replied 2 months ago
James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 863
Experience: 24 years of continuing education and experience.
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Hi, my name is ***** ***** welcome to Just Answer.

Social Security and MediCare taxes are paid to the government in two ways:

1) if you are employed by a company, the employer will withhold half of the payment from your paycheck, and will pay the other half for you.

2) if you are self employed, you report your earnings on Schedule SE and you pay the entire self-employment tax yourself. Or if you own a corporation and are an employee of that corporation, your corporation pays those taxes much the same as any other employer.

If you are the only member of the LLC, then you either chose (A) to be taxed as a corporation, or (B) you made no election and are being taxed by default as a "disregarded entity." This means that for tax purposes, the IRS disregards ***** ***** and treats you as a sole proprietor. You file form 1040 for your personal income taxes and report your business profit and loss on Schedule C. If there is any profit remaining on Schedule C, that profit is subject to self-employment taxes that are calculated on Schedule SE.

For each year that Schedule SE taxes are submitted you should see a contribution on your social security statement. If you do not see any reported earnings, it's time for you to have a talk with your accountant and find out what he/she has been doing with your taxes.

To earn social security credit, you have to have a certain threshold of income. For 2018, that threshold is $1,320 per quarter; you can earn up to four quarters annually by having 4 x $1,320 of taxable income, or $5,280.00. You need to have 40 quarters to receive social security benefits when you retire.

So, you need to ask your accountant (1) how your LLC is taxed, (2) has he been sending social security and MediCare payments to your account. You really need to look at your tax returns. You have indicated your income and expenses but I don't know if those are your figures from your bank account or the figures from your tax returns. You could easily have $11,000 income and still have $0 reported on your tax return due to deductions allowed, in which case there was no self employment tax due.

Hope that helped. Please don't forget to rate this answer. You may always return here with follow up questions on this topic at no additional charge. Thank you for using Just Answer.

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