Several matters to address here.
1) Subcontractor vs. employee. The IRS
is very particular about employers who misclassify employees as subcontractors. If you meet the requirements to be classified as an employee, it would be in your wife's best interest
to classify you as such. For more detailed info, refer to the link below:
2) For simplicity sake, let's say that you will be the GM of the business, and you will be earning approx. $60,000/year. How much gross income
do you anticipate the business earning?
You stated that your wife earns $60,000 a year on her current job, and you will be earning approx $60,000 year as well working for her. So this is $120,000 in total. Based on the $120,000 income (your earnings and hers), whether you file married filing jointly
or married filing separately, you will fall under the 25% tax
bracket. Refer to the 2013 tax bracket tables
at the following link;
3) As for the business showing a loss, the filing status will have no bearing on that. The business with either show a profit or a loss.
Does this shed a bit more light on the situation for you? If not, let me know. If you are clear on matters, please remember to positively rate my answer.
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