I am 63 collectng SS. I can make an additional $15,500 I believe before I pay taxes. Is that net or gross income? .?

Oh boy. You're in deep. If you're an employee of an LLC, the company should be withholding for federal tax, state tax, and FICA (Social Security and Medicare), unless you're one of the LLC members (in which case you're not an employee).

If you're an employee the LLC should issue you a W2 after the end of the year reporting your earnings and withholdings. You need to speak with the LLC and have them explain it to you. If you are one of the LLC members, you're responsible for paying the taxes yourself.

Owe instead of getting a refund? Yeah, you'll owe big time. The problem is that LLC members owe regular income tax, plus self-employment tax of approximate 15% (LLC member's counterpart to FICA withholding, except double).

Say you're in the 15% federal tax bracket, add 15% self-employment tax, plus state income tax, you'll owe a minimum of 30% of your earnings, up to 40% when you count in state. Talk to the LLC directors and find out what kind of tax mess they've got you in. If they call you an "employee," but are paying you as an independent contractor (no withholding), they are not paying you properly.

>>> I get so annoyed by people who claim to be tax experts who say ignorant things like, "If the employer issues you a W2, you're an employee. If the employer issues you a 1099, you're an independent contractor." That's not true.

If you're an employee, the employer is SUPPOSED to issue a W2. But some employers like to commit tax fraud by illegitimately claiming that an employee is an independent contractor and fraudulently issue a 1099 instead. Saying "If they issue a 1099 that means you're an independent contractor" is completely ignoring tax law.

There is no provision anywhere saying that. It's made up by people. There is no such thing as "a 1099 employee."

If you're an employee, you are an employee, period. You're supposed to receive a W2, period (although these are often incorrect, ergo don't let some clueless office administrator make the determination). If you are an independent contractor, you're supposed to receive a 1099.

There is no such thing as "a 1099 employee.

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