why is my taxable income only $2532 but the tax rate as high as 162.4%?

zoeliu916 · ‎February 21, 2025

is your system calculated right ?

Vanessa A · ‎February 21, 2025

Can you provide more info on what types of income you have?

Without knowing what type of income you have, one scenario could be that you are self-employed and took a self-employed health insurance deduction which lowered your taxable income but does not affect your self-employment taxes. This would leave you paying the 15.3% SE taxes on the amount of health insurance you deducted. So if you deducted $12,000 in insurance premiums, that would still leave you with $1,836 in SE taxes.

If you are not self-employed, then please respond with what types of income you have and a little more detail.

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SteamTrain · ‎February 21, 2025

Already answered multiple times....at least 4 repeat posts so far covering the same thing.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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why is my taxable income only $2532 but the tax rate as high as 162.4%?