Hi, I just started a sole proprietorship LLC in addition to my salaried W-2 full-time job and am trying to make sure I calculate my self-employed tax properly. My understanding is that the normal 15.3% self-employment tax is 6.2% my social security tax, 6.2% the LLC's social security tax, and 2.9% Medicare tax.
At my full-time job my salary is high enough that I will be hitting my full social security tax limit for the year. If that's the case, do I still need to take out the full 15.3% tax or do I reduce it by 6.2% for my SS tax already paid? Or do I even reduce it by 12.4% for all the SS tax?
Thank you!