Self employed

Thank you!

So if I expect to bring in gross $80,000 and have $20,000 in expenses, then I could do a simple estimate for $60,000 and not worry about all the "joint" information (real estate taxes, child deductions, spouse income/taxes, etc...).  Correct?

Using the TT tax caster, I really do not understand the numbers.  Using $60000 as net income, there are all kinds of deductions, etc...   I do not know if this would include both federal and self employment taxes...  My taxable income has to be higher than $23K

Estimated amount owed
-$10,932
Estimates change as we learn more about you
 
Income
$60,000.00
- Deductions
$36,112.00
 
Taxable income
$23,888.00
Marginal tax rate
12%
 
Total Federal tax
$10,931.73
- Credits
$0.00
- Payment/Withholdings
$0.00
+ Alternative min. tax
$0.00
+ Additional taxes
$8,477.73