wildbill (02/05/83)
Self-employment income is not exempt from SS taxes, as anyone (such as myself) who has ever filed a Schedule E can tall you. In fact, the going rate on self-employment income is 1.5x that on regular income (but since your employer probably "takes" his cut from your salary anyway, maybe it should only be regarded as .75x). Forgetting to figure this in almost cost me a hefty penalty one year.