I finished entering my information for some self-employment and I checked the calculation of the self-employment tax and received the following: "The self-employment tax came from self-employment income of $382 and a tax rate of 329.58%. This comes from taxes you pay for Medicare and Social Security. The $1,259 you owe in self-employment tax is included in your refund amount". I am very confused, does this make sense to anyone else?
No, your entries are incorrect. You may want to check your entries for where you placed the decimal points or entered extra numbers. If this does not correct the amount, you may want to delete the entry and start again. Self- Employment tax.
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Self-employment tax (Social Security and Medicare taxes)