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      04-01-2010, 02:53 PM   #6
Seminole
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Drives: Red Flyer
Join Date: Aug 2008
Location: 38.8977° N, 77.0366° W

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2008 E90 328i  [7.00]
In a partnership, all income generated is taxed on each partner's tax return (the income is split depending on the arrangements for income sharing). Your side job would be considered self-employment. So your income from the partnership would be regular income and will be added when you calculate your AGI. It will increase your taxable income, and be taxed at whatever tax bracket you happen to be in. You will also have to pay self employment taxes on the money earned.
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Last edited by Seminole; 04-01-2010 at 02:59 PM..
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