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 - George's Fordson Major - by Anthony West (UK). This is a bit of a technical info to add on to the article about George's Major in the "A Towny Goes Plowing" article. George bought his Major from a an implement sale about 18 years ago for £200.00. There is no known history regarding its origins or what service it had done, but the following work was undertaken by Harold alone to bring it up to show standard. From the engine number, it was found that the major was produced late 19
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