Hello,This is a slight variation of the typical S-Corp vs LLC question. I formed a SMLLC last month and wondering if I should file form 2553.
I started a SMLLC last month. My income would be around $200K/year and my 'reasonable salary' would be easily around $120K if not more. So the social security tax would be same whether I file 2553 or not (since my salary would be above the minimum of $110K). So the only difference would be ~3% Medicare tax on the remaining $80K (~$2400). And do I need to pay FUTA and SUTA taxes even if I file 2553 (~$500-$600 in MD)? Am I missing any other government regulation/formality if I file 2553 that costs me money. Over all, in my situation, would you recommend filing 2553.
Thanks for your help.