I am a W-2 employee with income of more than Social security maximum. I am also doing some work for my brothers company, and will be paid for the work delivered. So I guess for me it will be selfemployment income. In a nutshell, what will be my tax liabilities for that at the end of the year?What are the reporting responsibilities my brothers company will have for the money paid to me?This year I will put about 5K into company's 401K. Can I set up a SIMPLE IRA for myself, and put some money into it? How much?Any answers will be appreciated.
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