LLC Designated an S-Corp

Hi there, staffer. I've got some information about LLC. 

I recommend you getting in touch with your accountant or see the Internal Revenue Service(IRS) to ensure that you've got the right tax forms base to to your business.

In addition, the single member can elect to be taxed as a C Corporation. In this case, the company files a tax return and pays federal and state taxes at the corporate tax rate.

Single-member LLCs are required to pay self-employment tax, same with proprietors, and LLC owners that needs an EIN if incase they hire employees. 

Know that Sole proprietors and single-member LLCs have different exposure to business liability. 

To know more about LLC, here's a material that you can read: Single-member LLCs vs. sole proprietorships: Registering your business.

Furthermore, you may also want to browse in QuickBooks Community to see some info in that'll be able to you for future transactions or information

If you have further questions, you can always comment below. Stay safe..

@staffer 

At the corporate level, that's about it.  BUT, check to see if your state has a pass-through entity tax (PTET).  36 states do and it can be a significant way to reduce your federal income tax.  It's an income tax that the corporation pays to the state that can be deducted on the corporation's federal return.  The tax creates a credit that offsets your state income tax liability at the LLC member/shareholder level on their state income tax return.  In the state I live in, the PTET must be paid by Dec. 31 so don't put it off. 

I'm not sure if you were asking this or not but make sure to take into account the business net income (taxable income if possible) every quarter when filing your 1040-ES payments.  That amount will flow through to your personal return so you need to take that into account when making estimated tax payments.      

Right, so what I'm looking is what forms need to be filed to report the corporate income of the LLC designated S-corp. So for instance let's say the LLC/Scorp earned $100K, had expenses of $40K and I paid myself a salary of $30K thru a W-2. Where does the remaining $30K left over get reported as income to the LLC/Scorp to have corporate tax paid on it.

@staffer 

Based on your question, I would strongly suggest contacting a CPA/tax accountant to assist you.  S-corps are flow-through entities so all taxable income flows through to the shareholders (members when an LLC has an S-corp election).  An S-Corp does not pay corporate income tax.  That income is reported on your personal return.  That's why you want to take into account the income that will flow through to your personal return when making quarterly estimated tax payments so you're not hit with an underpayment penalty.  The S-corp needs to file Form 1120-S by March 15.