I am fairly new so I apologize in advance if these questions make me sound like a jack. My questions are, 1) if you are a trader working for a prop firm and say your payout is 50%, assuming your short term or intraday trading, at the end of the year do you owe s/t cap gains for the entire profit or just your payout? ex $1,000 profit * 50% = $500... do you owe $500 * tax bracket or $1,000 * tax bracket? 2) I assume as a prop trader you are an independent contractor, does this mean you can set up a Simple or Sep on yourself? 3) If you are working towards your CFA, does prop trading still count as investment experience? Sorry to blow up with so many questions, but the forums on here are really the best place to get info from people really doing the deal.