- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
$10,000 in wages vs self employed income is a big difference due to self-employment income. Are all of these wages from a w2 or some income from a 1099? Please keep in mind that 1099 income is subject to self-employment tax (calculated at 15.3% on 92.35% of your 1099 net income) and also subject to income tax calculated at your marginal tax rate.
Federal taxes due can (with limitations) also come from excess Advance Child Tax Credit or from an underpayment with the Affordable Care Act health insurance program.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 7, 2022
5:53 PM