Lyle Lovett - That's Right (You're Not From Texas)
Do LLC in Texas have to pay Self-Employment Tax?Can you give me a credible source from where i can confirm?
I am planning to start a Financial Consulting firm in Dallas in the state of texas. I was thinking about starting my firm as LLC. I was researching about it and on the internet, at some places it said that LLC has to pay self-employment tax and at some other places it said that it does not pay self-employment tax? Can you help me with that? If possible can u give me a credible source from where i can confirm that.
If an LLC elects to be taxed as a corporation, it would pay corporation income tax. Salary paid to the member would be a deduction. If it is a single member LLC that does not elect to be taxed as a corporation, the income would be reported on the single members income tax return as self-employment income subject to self-employment tax.
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