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I am trying to figure out whether I should file as a professional or hobbyist and I have an SE tax question. I believe I know the answer, but I was hoping someone could confirm.
I have a full-time job. Let's say I make more than the maximum amount subject to social security tax at this day job (I think it's $80k-$90k or something like that, correct?). I also play poker part time. If I file as a pro, will I be subject to the social security portion of SE tax on my poker winnings? Since I already paid the full maximum amount from my day job, am I exempt from this tax? Or is each job considered separate and I have a separate maximum for the poker? I think this is the case, but I'm not sure. Basically, is the the $80-90k cap on social security tax on TOTAL income from all sources or is there an individual cap for each income source? Any help would be appreciated. |
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