Medicare tax as youre above the
SelfEmployment Tax As an LLC owner youre required to pay the full selfemployment tax which includes contributions for both Medicare and Social Security. Based on prevailing rates this contribution is . in total with . for Social Security and . for Medicare. An extra . Medicare tax will also need to be paid if you have income above a certain threshold. For example if your income is more than if youre married and filing jointly; if married but filing separately; or if youre single.Then youll be required to pay the additional . threshold. As for the deduction you can deduct half of the selfemployment tax paid. Business Insurance Its important for businesses to have insurance. It protects them from unforeseen events and provides financial cover. The premiums paid for business Belarus WhatsApp Number insurance can be claimed as a tax deduction to lower your taxable income. Premiums can be claimed as a deduction for many different types of business insurance including but not limited to workers compensation coverage auto insurance for business vehicles general liability insurance life insurance for employees excluding the business owner malpractice insurance etc.
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Contract Labor There may be times when you need to hire outside contractors for your limited liability company. Even that can be treated as a tax deduction as long as theyre not employees and youre only contracting with freelancers or independent contractors to assist with a task related to your business. The fee that you pay to contract labor can be deducted as a business expense. Do keep in mind that if you pay a freelancer or contract or more during the tax year youre required to send them a Form NEC by January st of the subsequent year as theyll need that form when filing their own tax return.
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