turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

If my total taxable income for 2017 was $33,122, why am I being taxed at 22% instead of 12%?

I am an unmarried individual with no children. 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

If my total taxable income for 2017 was $33,122, why am I being taxed at 22% instead of 12%?

Any profit from your Schedule C Profit or Loss from Business is taxed at 15.3%. The Social Security would be  taxed at 6.2 and the Medicare at 1.45% were you an employee. These amounts would be withheld on your W-2 every pay period. Since you are, in a way, both employer and employee, these amounts are doubled on your Schedule SE.

View solution in original post

6 Replies

If my total taxable income for 2017 was $33,122, why am I being taxed at 22% instead of 12%?

Is any of it self-employment income from cash, a 1099-MISC or a K-1?

If my total taxable income for 2017 was $33,122, why am I being taxed at 22% instead of 12%?

Yes, the majority is from a 1099-MISC. Does that change the tax bracket I am in?

If my total taxable income for 2017 was $33,122, why am I being taxed at 22% instead of 12%?

No, but it means that in addition to regular income tax, you have to pay self-employment tax (Medicare and Social Security) on your net income from self-employment.  This is taxed at 14.1%.

If my total taxable income for 2017 was $33,122, why am I being taxed at 22% instead of 12%?

Thank you! This is very helpful.
Coleen3
Intuit Alumni

If my total taxable income for 2017 was $33,122, why am I being taxed at 22% instead of 12%?

Any profit from your Schedule C Profit or Loss from Business is taxed at 15.3%. The Social Security would be  taxed at 6.2 and the Medicare at 1.45% were you an employee. These amounts would be withheld on your W-2 every pay period. Since you are, in a way, both employer and employee, these amounts are doubled on your Schedule SE.

Coleen3
Intuit Alumni

If my total taxable income for 2017 was $33,122, why am I being taxed at 22% instead of 12%?

My pleasure.
Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies