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Get your taxes done using TurboTax
your posting from self-employed. that means if you have net self-employment income you will owe about 15% of SE tax - not income tax on it
$1,000 of SE Tax translates into about $7,100 of SE income . the standard deduction would reduce your taxable income to $0 and your regular income tax to $0 also. but you would still owe the $1K in SE tax.
the SE is not affected by the QBI/199A deduction.
‎February 18, 2022
6:04 PM
961 Views