Tax question

[Carybary19]

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. 

[Vanessa A]

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.