I have a follow-up question after finding this thread through TT and Google...
We are in a similar situation and trying to prepare for the upcoming tax season. My fiance/common-law married wife and I (not legally married, but living together for past 10 years) are about to start a new business, likely to be setup as a partnership. We currently file separate returns and both have FT jobs.
My annual salary regularly exceeds the SS cap and the last few months of the year I do not pay SS tax. When filing Schedule C and, as it relates to paying SE taxes a SECOND time, am I required to pay the employee portion (7.65%) of the SE tax if my income has already exceeded the cap?
My wife is not in the same situation but dependent upon business profit, may exceed the income cap (SS cap) quickly with the additional business income.
Any assistance is appreciated! (@volvogirl)
