LLC / S Corp and the new PTET tax payment

How should the net LLC income be calculated after back outs for an LLC that made the PTET election for 2021?  Example:  $100,000 LLC income, PTET payment = $6,850, net LLC income flows through to K-1 = $93,150.   The SS / Medicare tax ($6,580.84) deducted from $93,150 along with the Employer contribution profit sharing (17,313.83) for the member with adjusted net income of $69,255.33?  If not, then what is the way to approach this calculation when a PTET election is made?

I didn't know what a "PTET" was, so I googled it. I include one of the links below if anyone is interested. I'm sure there are zillions of other links!

https://www.tax.ny.gov/bus/ptet/

If the payment is reducing income for federal income tax purposes, and it is, then I think you have to subtract it.

5 hours ago, Bird said:

If the payment is reducing income for federal income tax purposes, and it is, then I think you have to subtract it.

Do you subtract it from the gross K-1 or the net after all that other arithmetic we do?

If they are S-corp, is it figured into the W2, or it is the W2 comp reduced to get the comp?

Do you subtract it from the gross K-1 or the net after all that other arithmetic we do?

This is also my question.  As for the S Corp, it is my understanding that it does not impact the W-2, only K-1 earnings.

19 hours ago, BG5150 said:

Do you subtract it from the gross K-1 or the net after all that other arithmetic we do?

I'm not even sure what "gross K-1" means.  If the accountant says the number flowing from the K-1 is 93,150, that's what we're using.  (Unless someone convinces me otherwise.)

17 hours ago, DDB BN said:

As for the S Corp, it is my understanding that it does not impact the W-2, only K-1 earnings.

The W-2 is what it is.  

5 hours ago, Bird said:

I'm not even sure what "gross K-1" means.  If the accountant says the number flowing from the K-1 is 93,150, that's what we're using.  (Unless someone convinces me otherwise.)

Box 14A.

i wasn't sure if we would have to reduce THAT for the PTET.

16 hours ago, BG5150 said:

Box 14A.

i wasn't sure if we would have to reduce THAT for the PTET.

I see...to be honest, I don't know if that has been reduced or not.  Best to ask the accountant.  I know there are certain expenses that are taken on the personal return and should be subtracted out and it seems likely this is one of them.

Is this going to affect what we do?  This is for State tax.  Is income reduced on K-1s for state taxes?  If so, I would assume that it's been reduced by the time the K gets to me.  As far as I know, the subsequent calculations of plan compensation only involve the SE tax and a couple other things; but not state tax.