Federal Tax Rate Question Total income $34,180 Deductions $14,600 Taxable income $19,580 blended tax rate X29.2% taxes paid $3,138 Tax due $2,581 Single with w2 29.2%tax?

[AmyC]

You must be self-employed and need to pay your Medicare and Social Security tax. About $2200 on $14600 of profit matches up.

Self-Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self-employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  This goes on your social security for credit - it could help when you retire or if you become disabled.

You should be making quarterly payments, You want to use Publication 505, Tax Withholding and Estimated Tax to determine your payments. The IRS expects payments in the same quarter you make money. If you owe more than $1,000 you can be penalized. 

Reference: What is the self-employment tax?

[jobw442]

I work for a large hospital system only and get 2 w2's from them

Box 4 $2,328 and $15

Box 6 $544 and $66

Thank you AmyC, but I do not think that is it.  

[BillM223]

I think your question formats like this:

Total income $34,180

Deductions $14,600

Taxable income $19,580

blended tax rate X29.2% <== ignore this

taxes paid $3,138

Tax due $2,581

Single with w2

29.2%tax?

If your taxable income (line 16 on the 1040) is really $19,580, then your federal income tax for a Single person should be $2,117 in 2024. I don't know where this $2,581 came from.

And please ignore anything that says "blended tax rate". I have been an Enrolled Agent for 9 years and wrote tax software before that, and I can't tell you what that means. Just ignore it.

Please give me (if you don't mind) lines 16, 18, 21, and 24 from your 1040..

[jobw442]

I do not know how to see the 1040 with turbotax until I finish the taxes.  I will mess with it after work tomorrow.  

[KeshaH]

You can preview your 1040 or you can view all of your forms before filing. If you'd like to view all of your forms, you'd need to pay for your TurboTax fees. Click here for instructions on how to view your return.