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

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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.

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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.

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