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If the 1099-MISC is for self-employment income you have to pay both income tax and self-employment tax on the income. If you are in the 25% tax bracket, the net self-employment tax is about 12.36%.
Either the figures you posted are not exact, or some side effect of the added income reduced the amount you owe to $320.
If the 1099-MISC is for self-employment income you have to pay both income tax and self-employment tax on the income. If you are in the 25% tax bracket, the net self-employment tax is about 12.36%.
Either the figures you posted are not exact, or some side effect of the added income reduced the amount you owe to $320.
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