I am currently w2 only with my company. I max out SS and Medicare tax annually. I am requesting they pay me an annual 75k check as 1099 income for another small role I will be taking on. Will I have to lay SS tax and Medicare tax on that income separately if I have already fully paid SS and Medicare through my w2 income?

Main reason I’m requesting it is that total income will be close to 500k annually. If I take that last 75k as w2 I will pay almost 50% in tax. I was thinking of using it to buy section 179 vehicle as a write off to pay not tax on it.

Not a humble brag. It’s a genuine question. It’s a lot of money to me even if the average CBer is making 1MM+