Do you need to pay social security tax quarterly if you own an LLC?
October 12, 2011 // Posted by: creditrisk // Category: Personal Finance
As an entrepreneur, one constantly needs to be updated about the financial policies applicable to your state or your nation. A big corporate has a robust finance & tax department to look after the relevant duties. However, if you are an owner of a limited liability company (abbreviated as LLC), then you may have a limited amount of resources that you can dedicate to the financial matters. As an LLC, you stand between the partnership & top corporate ventures. There is a considerably different tax structure associated with an LLC, as against the top corporates.
If you are a considerably small venture, you can file individual tax returns, unless you opt to be recognised differently. The shareholders of an LLC are not distinguished as stock holders & are treated like employees, when it comes to social status. An employee has to individually pay the social security tax, partly with the company. This goes against the policies undertaken by the corporate ventures.