I did my taxes with Premium, after expenses & deductions my taxable income was $5,227. The blended tax rate was 66.2%. In the breakdown it said it was self employment tax making up 99% of the tax rate. Why is my blended rate so high on so little?
You'll need to sign in or create an account to connect with an expert.
Any other self employment tax calculated puts it at 846$ owed, but turbotax claims I owe $2947 in "self employed tax" in addition to the 10% income tax rate of 523$
The self-employment tax isn't calculated on your taxable income (which has had your standard or itemized deductions removed from it). Instead, it is calculated on your net income from self-employment (your profit from that activity). You will find that number on Line 3 of Schedule 1.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
DIY_Tax_Person
Level 2
peric_danijela
Level 2
knownoise
Returning Member
knownoise
Returning Member
taxdoofus
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.