Archive for the ‘guaranteed’ tag
Guaranteed Personal
How do I calculate my personal tax witholdings if I get guaranteed payments from an LLC?
I am a leader of the LLC. I know I have to dedicate 15.3% for self-employment taxes. How much else do I have to sell? What is the easiest way to do this kind of calculation?
A quick and dirty, but accurate estimate would be to go to http://www.paycheckcity.com and run the numbers as if it was a paycheck. Double figures for Social Security and Medicare to approximate the Self-Employment Tax and you will be VERY close indeed, for both state and federal taxes. It will actually be a little high on Because of differences in SS and Med tax calculations and therefore it gives you a little safety cushion.