I made $10k as a contracted employee per 1099MISC forms. My standard deduction is 6300 and my personal exemptions are 4050. That totals $10050 and I only made 10k!

I made $10,000 as a contracted employee in 1099MISC forms.  After business deductions, my AGA is $5884 so I owe $895.  My EIC of $449 was deducted, now I owe $446 in taxes!  My standard deduction is 6300 and my personal exemptions are 4050.  That totals $10050 and I only made 10000!  I don't understand how I can possibly owe on such minimal income.  Help! 

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The amount you owe is not "income tax"; it is self-employment tax. (SE)

As self-employed, you have to pay both sides of SS & Medicare taxes.  The rate is approximately 15% (give or take a little bit).

Your net income (AGA) for self-employment is $5,884 * 15.2%=$895.

If you would have received a W-2 for $5,884, approximately $447 would have been withheld from your wages for SS & Medicare.  The employer would have paid the other half.

You actually paid $0.00 in income tax.  The Earned Income Credit actually paid some of the SE tax.

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

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Thank you for answering that.  When I was employed (W2) and made $10k, it was so little that I got back everything they took out for SS & Medicare PLUS I got back my EIC.  So it's the exact same amount of money whether employed or SE and instead of getting back about $800 this year, I have to pay $450.  I get the math, it just baffles me.  Since I personally didn't pay for SS & Medicare, I didn't realize my employer, who is now me, still had to pay it.

Get your taxes done using TurboTax

Actually, you didn't "get back" the SS & Medicare that would have been withheld on a W-2.  These taxes are not refundable.
What you might have received back when you received a W-2 and filed your income tax return would be any federal INCOME TAX that might have been withheld from your paycheck....along with any EIC.

Yes, for self-employed people, it is a double edged sword.  They end up paying the employee's share of SS & Medicare...and since they are also the employer, they end up paying the employer's share as well.

Then, just as in the case of a W-2, there is income tax to be paid as well.  Basically being self-employed adds about        7 1/2% tax to the individual....the employer's share of SS & Medicare.
**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**