Ok so, Finally doing my 2014 Taxes. (I'm a beginner obviously. Don't let that fool you, I've absorbed a lot of info already.)
In my 2014 software, after filling out the sections up to review I get this when hovering over my Federal Tax Due:
Income and Adjustments: 576 (actual income: 620)
Deductions: 6,200 (obvious standard deduction)
Taxable Income: 0
Total Tax: 88
Total Payments: 44 (not sure why it was cut in half, cool, but still?)
Refund/ Tax Due: - 44
Now I have more than one link to confusion here.
if my deduction is higher than 100% of my income, why I do I owe anything in tax?
Plus, where is my Personal Exemption in this summary ? (it's filled out in -form mode- correctly through single status.)
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someone help a brother out?
bump
It's most likely self-employment tax. You must pay SE tax if your net earnings were over $400
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