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Self employed
When you are self-employed, you pay both income tax on your income and self-employment tax on your profit.
Your standard deduction reduces you income to determine your taxable income. You income tax is calculated from this.
Self employment tax 15.3%. Your standard deduction can not reduce self-employment tax.
Below are a couple of links that might be useful to you.
Self Employed Individuals Tax Center
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‎February 16, 2023
1:37 PM
743 Views