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Why is my blended tax rate 32%? I make around $40k, and that's the rate for people around $200k
Hello! I'm filing early, and my summary page said the blended tax rate for me was 32.1%. I make around $40,000 a year as an independent contractor, and this is my only job. I found the tax brackets, and this rate of 32.1% should be for someone making over five times what I make. From all the sources on the internet, it should be around 7-12%.
Any help is appreciated, and I'll provide any details people want answered.
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‎February 21, 2025
5:33 PM