Keep in mind that taxation of LLCs are handled differently by each state. Some look at LLCs as the same as a corporation, some as if it were a partnership, and some base their taxation on how the IRS views your LLC.
The IRS has granted some flexibility in this area although by default they will tax your LLC this way:
Disregarded Entity - As a single member LLC, the IRS will consider all income and expenses to pass through to your personal return. Your expenses will be shown on a Schedule C and your income on front page of your 1040, just like a sole proprietorship. Self-employment taxes on LLC net income must be paid just as you would with any self-employment business.
Partnership - As a multi-member LLC, the IRS will expect that you file a Form 1065 Partnership Informational Return and K1's for each member spelling out the distributive net profit or loss each member shall show on their 1040. Therefore, each member experiences a similar pass through benefit, which simply reported differently.
If you want your LLC to be taxed as a corporation instead of the "default" you must file an IRS Form 8832 Entity Classification form. The IRS will then tax your LLC's net income just as a corporation. Please note: The state you are in may regard your LLC differently than the IRS does. In California, the state requires ALL LLCs to pay the minimum franchise tax of $800, regardless of income, 3 months AFTER formation of your LLC. If you do not pay this tax with in the 3-month period, they will penalize your LLC and potentially revoke its charter.