Self employment + full time job = fiscally violated

[vi edit]

Uhg.

So I've got a second job that I have to file schedule "C" on. All income from the second job is taxed at 15.3% PLUS my effective tax rate at my other job, which is by no means a small amount.

Groovy.

Anybody happen to know what the max amount you can take for the home office deduction is?

 

[kranky]

The deduction cannot exceed your profit.

Check here for IRS help on the home office deduction. It has links to other IRS publications/forms you will need.

 

[Michael]

You're simply paying the employer and the employee portion of FICA, Social Security, and Medicare taxes. The only "extra" is the employer portion and you are the employer, so it makes sense.

Michael