SE tax on LLC distributable income and guaranteed payments.(self employment, limited liability companies) The Tax Adviser | October 1, 2004| | COPYRIGHT 2004 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright

The self-employment (SE) tax rules oil distributable limited liability company (LLC) trade or business income and guaranteed payments are an everyday issue in tax practice, but there is little guidance on determining the income subject to SE tax.

The SE tax rate is 15.3%, of which 12.4% is Old Age, Survivors, and Disability Insurance (OASDI), and 2.9% is Medicare tax. The OASDI portion is subject to an $87,900 limit for 2004. The Medicare tax is not subject to an income limit and, thus, is paid on all SE net earnings. One-half of the SE tax can be deducted in ...

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