Re: brag: car finally arrived
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Meteoron-
Though a SEP ira is nice (i think you can sock away 44k/year max) don't you also have to pay an additional self employment tax on your taxable income? What percent do you pay for this privilege?
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This is an entirely different discussion, but there isn't really an option to file as self-employed and pay the tax or not. The IRS has sent people letters demanding SE tax and telling them they should have filed Schedule C. Very, very few people are in odd situations where it could go either way.
SE tax is 15% up to $90k of your income. After that it is 2.9%. Including SE tax and federal income tax, I will pay a smidge under 20% total for a mid-six figure income this year (I'm surprised how few people know within a few thousand what their tax bill would be today if the year ended today).
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