Total income MFJ = $124K, w/ $31K wages & $93K self-employment; took standard deduction & total deductions = $55K, so taxable income was $69K. Why is total tax $21K?

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The total tax on line 24 from your tax return is your ordinary income + any self-employment tax - tax credits. Your ordinary tax is on line 16, the SE tax is added, then tax credits are subtracted to arrive at your tax liability.

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I am an ordained minister, and have a housing allowance on which I do not pay income tax, but do pay self employment tax. Can I deduct household expenses on my SE?

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Total income MFJ = $124K, w/ $31K wages & $93K self-employment; took standard deduction & total deductions = $55K, so taxable income was $69K. Why is total tax $21K?

Total income MFJ = $124K, w/ $31K wages & $93K self-employment; took standard deduction & total deductions = $55K, so taxable income was $69K. Why is total tax $21K?

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Total income MFJ = $124K, w/ $31K wages & $93K self-employment; took standard deduction & total deductions = $55K, so taxable income was $69K. Why is total tax $21K?

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Total income MFJ = $124K, w/ $31K wages & $93K self-employment; took standard deduction & total deductions = $55K, so taxable income was $69K. Why is total tax $21K?

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