Level 5

Single Member LLC

Forum|Forum|6 years ago
March 7, 2020
2 replies
17 views

How should a Single Member LLC pay themselves? They have ADP and he is currently getting a w-2 and a 401k. ADP saying that a lot of customer have it st up this way. he is wanting to pay himself and pay all the appropriate taxes like a w-2. How should he have ADP set him up?

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garman22

Intuit Community Champion

He cannot take a payroll on himself as a SMLLC unless his SMLLC has elected to be taxed as a S-Corp.

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Tiger5Author

Level 5

and how do we know if he is selected to be taxed as an s-corp?

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garman22

Intuit Community Champion

Are you the preparer? Did you llc him?

Just-Lisa-Now-

Intuit Community Champion

An SMLLC is a disregarded entity for tax purposes, should be treated the same as any other sole proprietor, no payroll with W2.

Unless they elected to be taxed as a corporation. Who helped them create the LLC?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

You mean, of course, who helped HIM create the LLC, since there is no one else involved.

He done it all by hisself, after lurning about it at the seminar!

qbteachmt

Level 15

i appreciate your time and help and i apologize if i am in the incorrect forum and taking up time from you. i am new to these forums and didn't know what each meant. i am new and took over doing this business for taxes and bookkeeping. i have tried to use the IRS publications but it hard to get a specific answers. is there another forum that i should be in?

"is there another forum that i should be in?"

You are posting on the internet, in a Community of peer users for Intuit's Professional Tax Preparation programs.

It helps to ask about how to use the software in the specific forum that is for the program you are using, not in this Industry Discussions section. That way, when you have a question about using the tax preparation program, you are asking the people that also use that same program.

If you need lots and lots of Tax Preparation help, this is not the place to learn how to prepare US income tax returns. You should already have done this through educational and professional development and ongoing continuing education programs, so that you are a Prepared professional for the tax year you are working on, for your customers.

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