Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
albertakillingsw
New Member

Does $5900 federal tax on gross income of taxable income of $13956 sound right?

Gross income was $41000, business income was $34000 and adjusted gross was $27000.

1 Best answer

Accepted Solutions
Phillip1
New Member

Does $5900 federal tax on gross income of taxable income of $13956 sound right?

Yes.

There would have been 5,202 dollars of self-employment tax on 34,000 dollars of self employment income reported on schedule C (line 12 of Form 1040) or from a Schedule K-1  -Form 1065 (reported on line 17 of form 1040). Income tax on 13,956 dollars of income would be between 1,395 dollars if you are filing a married joint income tax return, and 1,630 dollars if you were filing single or as married filing separate.

View solution in original post

1 Reply
Phillip1
New Member

Does $5900 federal tax on gross income of taxable income of $13956 sound right?

Yes.

There would have been 5,202 dollars of self-employment tax on 34,000 dollars of self employment income reported on schedule C (line 12 of Form 1040) or from a Schedule K-1  -Form 1065 (reported on line 17 of form 1040). Income tax on 13,956 dollars of income would be between 1,395 dollars if you are filing a married joint income tax return, and 1,630 dollars if you were filing single or as married filing separate.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v