Tax question

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I have a small business where I have self contractors. I also work full time and have a W-2.

I pay quarterly taxes for my small business. Do I still owe more on my individual tax return? I paid like $7,000 over the year of taxes and now supposedly have to pay another $5,000 when doing my indivudual tax return. It doesn't feel like I should owe more if i already paid as much as I have.

Not A Product Question

Vanessa A

Alumni - Intuit

We cannot answer that question without seeing all the numbers.

It is very possible that you could still owe more if you did not pay enough.

Your self-employment income is subject to your regular income tax as well as a 15.3% Self-Employment tax. Your regular income tax is determined by your tax bracket. So you would add your W-2 income to your self-employment net income to arrive at your AGI.

Although it is possible that you will owe more, it is also possible that you could get a refund. This will all be based on your actual numbers, your other credits and deductions. It is highly un-likely that you will end up with a $0 balance, neither owing anything or getting a refund.

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