topic Re: Tax calulation in Get your taxes done using TurboTax

Tax calulation

RJE2 — Tue, 24 Feb 2026 03:11:23 GMT

I have taxable income of $77748 (SocSec + basis IRA distribution + small income for contracting). According to tax tables I should pay $2,055 plus 12% of the excess over $20,550. This would come to $8918.76. However, Turbotax calculates $9523. Can someone explain the difference?

There are not capital gains, stock sales, etc. I'm taking standard deduction.

Re: Tax calulation

MinhT1 — Mon, 13 Mar 2023 19:10:52 GMT

Your income from contracting is self-employed income and is subject to self-employment tax which is calculated at 15.3% on 92.35% of your self-employed income. This is in addition to regular income tax and would most probably be the reason for this difference.

Re: Tax calulation

Mike9241 — Tue, 14 Mar 2023 07:01:51 GMT

look at schedule 2 line 4 for the self-employment tax