SusanY1
Expert Alumni

Get your taxes done using TurboTax

Unfortunately, this does sound like it is likely correct based on the numbers given, for a self-employed taxpayer. 

 

In addition to the income tax that you pay on the $10,736 (which is likely only a few hundred dollars), you are subject to self-employment tax on your net income from your self-employed activities.    Self-employment tax is the contribution that you make toward social security and Medicare, essentially.  It is 15.3% of your net profits.   

 

So if the $33,142 is that income (and there isn't other income in that figure), your self-employment tax alone would account for approximately $5,071 of your total tax due.   

 

You can learn more about the self-employment tax here: Self-employment tax and here are some Tips to Reduce Self-Employment Tax.

 

The IRS has a handy resource for self-employed taxpayers as well that you can find here: IRS Self-employed tax center

 

I would take a little time at either these resources or others you may be able to find specific to your industry to be sure you are maximizing all of your potential deductions to help keep your tax bill down.  However, if you can't reduce your tax bill please remember to still file your taxes on time or at least file an extension  (Filing an Income Tax Extension).  

 

The penalties are greater for filing late than they are for paying late, and the IRS will work with you on payments, but filing the return on time (now, or by the extension date if you file an extension) is important and will save you money in the long run. 

 

 

 

 

 

 

 

 

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