Self Employment Tax question
by LouisD, Performer
- Created: January 22, 2011, 7:41 pm
Hello and thank you in advance for any assitance or input you may have.
I am in the proccess of starting my own business, My question is this, while in the stages of starting up this business i am also working a full time 40 hour job paying for benefits such as;
- Social security and Medicare taxes
- Federal income tax withholding
- Federal unemployment (FUTA) tax
am i required to pay the additional SE tax with the income from the business in conjunction with what is already being with-held from my 40 hour job?
I'm not trying to rip off anybody, but at the same time i would like to know i'm not getting ripped off either, capital is kinda short espeacially when if you end up just giving it away.
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