Originally Posted by Baldman
I am an LMT and I have a FT job where my w2 employer reports taxes and tips. I started a single member LLC this year for private clients as well. I am trying to determine what form to use to report tips for the LLC so they can be calculated into the fica taxes on my 1040 form.
The tips are the same as the other s.e. income, and aren't reported separately. as an owner of your SMLLC, you are a self employer so you generally have to pay self-employment tax as well as income tax. Self-employment tax is a Social Security and Medicare tax primarily for individuals who work for themselves.