LLCs and Subchapter S corporations are not taxed directly. Rather, the partners/shareholders are taxed on the profits of the company.
Now, you mention "salary". So you could receive salary from the LLC as an employee, or receive distributions from the company as a shareholder, or both. If you receive a salary, there's no question about taxes: you must pay tax on that income and FICA (SS/Medicare) as well. The company as your employer must match your FICA tax.
If the company makes a profit on its passive income (e.g rent), you will pay income tax on your share of that profit. There is no FICA tax on passive income, either for you or the company.
Now if you have self-employment income as an LLC member, you will have to pay income tax and self-employment tax. The self-employment tax covers both the employee and employer shares of FICA.
In theory, the taxes the IRS collect on your business and its employees should be the same whether it's an LLC, a partnership, or just you as an individual self-employed person. At this point I'm pretty well over my head, so I'll let someone else step in and set matters straight.
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Today's Featured Article - Timing Your Magneto Ignition Tractor - by Chris Pratt. If you have done major engine work or restored your tractor, chances are you removed the magneto and spark plug wires and eventually reached the point where you had to put it all back together and make it run. On our first cosmetic restoration, not having a manual, we carefully marked the wires, taped the magneto in the position it came off, and were careful not to turn the engine over while we had these components off. We thought we could get by with this since the engine ran perfectly and would not need any internal work. After the cleanup and painting was done, we began reassembly and finally came to t
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