A Limited Liability Corporation (LLC) can be treated as an S-Corporation or as a Partnership by the Federal Government Internal Revenue Service (IRS) (you fill out form 8832 to classify it as Partnership). When I established my LLC I made it a Partnership: a very flexible arrangement that allows me to divide the earnings (or [...]
Tag Archives: Income Tax
Effective Federal Tax Rate: Effects of Social Security Tax
- 26
- Jan
Our politicians like to discuss levels of taxation in terms of the Tax Brackets. These brackets usually apply to income tax levels after the allowed deductions have been taken into account. What it doesn’t include is other methods of taxation that the Federal Government may impose on its subjects, like the Social Security and Medicare [...]
