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

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

Income was $25,207, deduction of $12,000. Should I be getting taxed on remaining $13,207? TurboTax says I should be paying over $5,000, is that likely to be correct?

 
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 Reply
AlanT
Expert Alumni

Income was $25,207, deduction of $12,000. Should I be getting taxed on remaining $13,207? TurboTax says I should be paying over $5,000, is that likely to be correct?

If your income was from self-employment, it is correct.  When you have self-employment, not only do you pay income tax, but you also have to pay self-employment tax (Social Security tax and Medicare tax).  Self-employment tax is an additional 15.3%.  Self-employment tax is calculated based on your net self-employment income, not your taxable income.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question