re: Small Biz Questions

Yes you still have to pay SS/ Medicare. When you are an employee your employer pays half of the Social security of 6.2%, then you as the employee pay 6.2% and you as the employee pay 2.9 Medicare. When you are self employeed you get to pay the entire thing!

I have an Llc I make half of my income through as well as a W-2 job similar to you. I do all of this. The 2nd year of being self employed you owe 90% of what you payed the previous year in estimated taxes. The first year is not a huge deal but I'm not a CPA and I don't know the penalties I think they are very small. But you should be paying some sort of estimated income tax every quarter.