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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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