MinhT1
Employee Tax Expert

Deductions & credits

The self-employment tax is calculated at 15.3% of 92.35% of your net income.

 

When you deduct mileage and other expenses, this reduces your income and should result in a lower self-emplyment tax. The standard deduction will only reduce your taxable income, in your case to 0 and you do not have income tax tax to pay.

 

Self-employment tax is separate from income tax and is not reduced by the standard deduction.

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