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I'm a college student & made $5k last year. I got a 1099-MISC instead of a W2. It says I have to pay15% self employment tax. Is this right?! Last year w/W2 I paid 7% tax
I don't own my own company, I don't have any business expenses. I get that I still have to pay Social Security and Medicare taxes, but don't think I should have to pay Federal Income Tax only earning $5k. Why is my tax rate double what I paid last year with a W-2?
Also I had to pay $60 to file Federal and $40 for State; not very "free."
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‎June 3, 2019
1:26 PM