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jcarver47
Returning Member

My taxes seem high

Hello, I operate my business as a sole prop. My adjusted gross income for 2019 was about 38000. I ended up having to pay a little over 9000 in taxes. Does this seem off? I cant afford to have an account look over the return in full yet, So before i can im just trying to get a good idea if that seems off or not. Thank you to anyone who helps!

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2 Replies
Anonymous
Not applicable

My taxes seem high

$9.000 seems a bit high but we can't see your return.

single with a taxable income of about $26,000 (agi less standard deduction) income taxes would be about $3,000. however, with self-employment income (schedule C) of $38,000 the self-employment taxes would be about $5,000 additional. the SE tax is about 14.13% on schedule C net income. Total about $8,000 

My taxes seem high

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