- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Turbotax Home & Business tells us that we owe $2000 even though our taxable income is only $1961. How is it possible that our taxes are higher than our taxable income?
posted
June 4, 2019
4:10 PM
last updated
June 04, 2019
4:10 PM
3 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Turbotax Home & Business tells us that we owe $2000 even though our taxable income is only $1961. How is it possible that our taxes are higher than our taxable income?
Do you have self-employment 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"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
June 4, 2019
4:11 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Turbotax Home & Business tells us that we owe $2000 even though our taxable income is only $1961. How is it possible that our taxes are higher than our taxable income?
Yes, my wife and I are both self-employed.
June 4, 2019
4:11 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Turbotax Home & Business tells us that we owe $2000 even though our taxable income is only $1961. How is it possible that our taxes are higher than our taxable income?
You owe self-employment tax on the net income from your two businesses. It is 15.3% * 92.35% of that net income. The two businesses are assessed separately.
June 4, 2019
4:11 PM
Still have questions?
Make a post