Hi Elcidia10,
Happy to help with your questions! Congratulations on your business. We will answer your questions accordingly as you typed them.
1. If you are the only owner of the business, you are considered a sole proprietor. Now, registering your business as an LLC is only to protect your personal assets from liability.
2. You will pay Medicare and social security taxes via your Schedule C sole proprietor (when you file your personal 1040 tax return) and only on the net profit (income minus expenses). The deadline is April 15th.
3. Please see this resource for your startup costs Startup Costs
4. The business will be part of your personal tax return, combined with your husband's income. You could do tax planning in Nov/December to make sure you have paid in enough towards your taxes. Please use our TaxCaster Calculator to project your income.
5. Please contact your state to confirm whether or not you will be subject to GRT when starting your business.
6. The payment app will generate a 1099-K for all income received above $600, you'll report this as gross receipts on your Schedule C.
Hope this helps, please let us know if you have any further questions!
Cheers,
Laura
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"