I am about to form a New York (NY) state single-member LLC and elect S-corp taxation per my CPA's advice. I am the only employee and will be the only employee, at least through to the end of the fiscal year 2020.
As I understand it, I will pay myself both a reasonable salary as well as stockholder dividends. Because this is a single-member LLC w/ S-corp tax election, the stockholder dividends are tax-free. My salary, however is not.
The taxes that I must pay out, I have heard them referred to as "self-employment taxes" as well as "payroll taxes", and to be honest, I'm not sure what the difference in them is.
Regardless, I am looking for a list of all the self-employment/payroll taxes I must take out of my salary, both at the NYS level as well as Federal. Can anyone point me in the right direction?