Something doesn't seem right. I entered a W2 and it said I'd get a refund of $115. Then entered my 1099-MISC, for which I'd owe $499, but balance due became $1200+!

 
IsabellaG
Expert Alumni

Get your taxes done using TurboTax

It depends on how much your 1099-MISC was for. If your 1099-MISC showed income in box 7, it's subject to not only income tax but self-employment tax, which is the equivalent of the FICA that gets withheld from your wages.

For 2017, the Self Employment Tax rate was 12.4% for Social Security and 2.9% for MedicareYou can claim 50% of what you pay in self-employment tax as an income tax deduction, which TurboTax computes automatically. 

See this for more information on Self Employment Tax.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Get your taxes done using TurboTax

Thank you, this really helped me understand what I was facing. I’m just a little shocked, as it’s my first time doing this side gig, and now 38% of what I earned isn’t mine. :(
IsabellaG
Expert Alumni

Get your taxes done using TurboTax

I understand that completely!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"