If I am an employee earning $150k salary from a company, which I don't have any ownership. At the same time, I have my own small business which has net income of $50,000.
Questions
- Do I still need to pay/pre-pay Social Security tax through the self-employment tax? Or I don't need to pay the Social Security tax piece because $150k is more than the Social Security wage base limit of $147,000?
- Will TurboTax consider this situation and calculate the correct tax refund?
