I am Self-Employed and had made $2,149.61 in the 2017 tax year. I am using Schedule C and Schedule SE to calculate taxes, and had determined through manual calculations I owe $328 to the IRS... However, I'm getting conflicting reports, as I had initially used TurboTax and it's suggesting I only owe the IRS $154.
How did TurboTax come to that conclusion? The only way I can come close to that number is through Long Schedule SE, which on Line 12 determined my Self-Employment Tax is $303.72 which becomes $151.86 after my one-half deduction. Does this mean I am to use my one-half deductible for Line 57 of my 1040 (aka, I do not owe the IRS $328, but $151.86?)
Thank you for reading this question and, hopefully, help me clear up this confusion!
