Dear Cynthad66,
Thank you for your time to reply. I truly appreciate.
If I could ask you one more question,
my income is only from 1099 and Schedule C, I have no investment income or other.
And the self-employment tax in our state is 15.3%.
Yes, as you say, after I added the two credits, the final federal tax I owe will be $2500.
Does this still look possible?
I know you cannot be 100% sure, just want to know what you think. Thank you!
Your Tax Breakdown | 2020 |
Total Income | $35,583 |
Deductions | - $25,041 |
Taxable Income | = $10,542 |
Blended Tax Rate | x 59.0% |
Tax LiabilityThis is how much you were supposed to pay in taxes. | = $6,222 |
