Since your income was not reported on a Form W-2 as an employee, you are considered to be self-employed. You are responsible for Federal, Social Security and Medicare taxes. SS and Medicare alone at 15.3% tax on your profit.
If you are over 65 or blind, you are entitled to an additonal standard deduction of $1,300 for each condition.
These are the only incomes in this return (there is not any more income) and it is showing tax due of $3,976.00 (18% tax) before deductions and $2,823.00(17%) after deductions. However the summary page shows 2.13% (marginal rates of 10% and 12%), this percentage is more realistic. This percentage does not represent the final due amount of $2,823. Also there are some deduction that should not be added to the standard deduction and it is been added. I am concern about the credibility of the software after using TurboTax for more than 25 years. I need help!!!!!!!!!
Since your income was not reported on a Form W-2 as an employee, you are considered to be self-employed. You are responsible for Federal, Social Security and Medicare taxes. SS and Medicare alone at 15.3% tax on your profit.
If you are over 65 or blind, you are entitled to an additonal standard deduction of $1,300 for each condition.