W-2 and 1065 Schedule K income question: Federal Tax amount is not what I expected

[TomIL]

I have a full-time job where I receive a W-2 wage and tax statement and I also have a partnership where my income is reported on a Schedule K-1. As I move through TurboTax entering my income information, after completing the W-2 income portion the software shows I have an expected Federal tax refund of around $1400.  When I enter my partnership income it says my self-employment tax has been calculated to be $2241.  I paid $1500 in estimated taxes for the year so I would expect that I would be getting a refund: 2241-1400-1500=$659.  However the computed result shows I owe federal tax of $2464.  I just don't understand where that is coming from.  Unless my self-employment income has put me in a different tax bracket and therefore the preliminary "refund" amount of $1400 is inaccurate?  How can I discover why there is a discrepancy?

[JotikaT2]

There could be other items of income reported on your Schedule K-1 form that could be generating income or there could be other sources of income that you also reported after entering your W-2 form.  I recommend reviewing the income items that are reported on your Schedule K-1 as well as any other sources of income.

Since your Schedule K-1 has self-employment income, you can also review this link to determine how self-employment is taxed as you will be subject to regular income taxes and also self-employment taxes.

You may also be correct that the additional income has put you in a higher tax bracket.  Please see this link for more information regarding the tax brackets.  You will be able to review the tax brackets based upon your filing status and income level.

[TomIL]

Thanks. That's helpful information.  It may be that if self-employment tax is something in addition to regular income tax then yes, my liability is probably greater than I realized.  I assumed the term "self-employment" tax was inclusive of everything I owe on that income.  There's nothing additional on my K-1 (except the gross income of the partnership of which I only receive half as one of two partners).  I will review the information at the links you provided.