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Sracer986
March 25, 2021
Question

Single Member LLC MN

  • March 25, 2021
  • 1 reply
  • 0 views

I'm a single member LLC, considered an independent contractor.

My pay is 100% commission with no tax withheld.

I do pay estimated quarterly taxes.

Someone just told me I should also be filling out a quarterly 941 and now I'm panicking as I haven't for 3 years.  I was under the impression that a 941 is only if I'm paying employees and that I'm paying my SS and Medicare  annually as self employment tax when I file my taxes.

Am I wrong?  Should I have been filling out a 941 all this time? 

1 reply

J
JeffreyR77
March 25, 2021

You are correct, Form 941 is only used to reconcile payroll tax deposits. 

 

Your single member LLC does not have employees you do not have a requirement to file these quarterly reports. 

 

You do not put yourself on payroll in a single member LLC. 

 

You pay our taxes just as you have been doing. 

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