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Why is the standard deduction of 12,950$ not being subtracted from self employment income (less than 15K), resulting in tax owed of close to 20% of the income, for 2022?
I reported a small self employment income of under 15K (I am a college student) and turbotax claims that I need to pay 2K in taxes, even after applying the standard deduction (of 12,950$). That makes little sense
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‎February 16, 2023
1:16 PM