No, your total tax due is $512.
- On Schedule SE, Part II, you should look at line 12. That is the total self-employment tax including both Social Security and Medicare.
- Line 13 of Schedule SE, Part II is 1/2 of line 12. This is because as self-employed you pay both your portion and the employer's portion of the self-employment tax. You get a deduction for the employer portion. (This carries over to Schedule 1, Part II, Line 14).
- Schedule 1, Part II, Line 14 is a deduction. It reduces the amount of income that you will pay tax on. It does not directly reduce the tax you owe.
- Finally, 1040-SR, Page 3, Line 23, correctly shows $512.00 as the the tax due.
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