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?

  • Why not ask your CPA? Consider pass-through taxation for your first year. It is really simple, and you can change to S-corp taxation in the future. – gaefan Jan 9 at 14:01
  • Yeah of course I could ask my CPA, but I'm asking here because I think its on topic and could benefit a lot of future-comers to the site. I'm sure a lot of financial/business questions that are asked here could just be redirected to a CPA or tax professional, but then this site would lose out on a lot of great "free, open source" knowledge. – hotmeatballsoup Jan 9 at 14:25

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