I am looking to join a proprietary firm to trade a firm's capital, but want to make sure I understand how I will be taxed. I am a single 22-year old. I know if I make a draw on my profits(or future profits) I will be taxed like it is income tax. Will my profits have been taxed otherwise (such as some form of capital gains tax) before they are taxed a second time as income tax? Any estimates? Any kind of clarification would be wonderful...thanks in advance!