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Did you have a Form 1099MISC or other self-employment income? I notice you are posting from TurboTax Self Employed. If so, you likely owe self-employment taxes and this is the reason you owe taxes. Self-employment taxes are roughly 15% of your net income and they comprise the social security and Medicare taxes that you would normally see withheld on your paycheck for a W2 job.
While your standard deduction can decrease your taxable income from income tax purposes, it does not reduce your net income for self-employment tax purposes. So, this is why you may owe taxes on less income.
Did you have a Form 1099MISC or other self-employment income? I notice you are posting from TurboTax Self Employed. If so, you likely owe self-employment taxes and this is the reason you owe taxes. Self-employment taxes are roughly 15% of your net income and they comprise the social security and Medicare taxes that you would normally see withheld on your paycheck for a W2 job.
While your standard deduction can decrease your taxable income from income tax purposes, it does not reduce your net income for self-employment tax purposes. So, this is why you may owe taxes on less income.
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