I have a LLC with one employee on Corp 2 Corp. The job pays 100k and the employee makes 70k. I am the only member of the LLC and I read somewhere that the IRS treats one-member LLCs as sole proprietorships for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a return with the IRS.
Instead 'me' the owner of the LLC must report all profits (or losses) of the LLC on Schedule C and submit it with your 1040 tax return.
Is this the only way to pay taxes on the LLC or can I/should I pay quarterly.
Also, do I pay taxes for the entire 100k or 30k as I have given the employee 70k and she must file a 1099 on her taxes?