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anssis
Level 2
June 5, 2019
Question

I want to make sure I am not paying too much

  • June 5, 2019
  • 2 replies
  • 19 views
I reported a $6774.67 1099-MISC income and I did not pay any taxes for that. Before I entered that I had a return more than $700 and after I entered the $6774.67 1099-MISC my return changed to more than $300 to be paid. This seems like a lot so I wanted to make sure I did not make any mistakes

2 replies

Level 15
Bsch4477Level 15
Level 15
June 5, 2019

Seem right.  In addition to regular income tax you are paying about 15% self employment tax on that amount.

anssisAuthor
Level 2
June 5, 2019
That seems really high for that much income especially since that was my only income between January 1st and May 5th.
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