My income is minimal self employed less than standard deduction for single filer but owing over 800 in federal tax don’t understand using turbo tax premier
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When you have earnings from being self-employed you have to pay the 15.3% self-employment tax for Social Security and Medicare. If you worked for an employer and received a W-2 then the employer would pay half of that and the other part would be withheld from your paycheck. Since you do not work for an employer, you pay all of it yourself.
When you have earnings from being self-employed you have to pay the 15.3% self-employment tax for Social Security and Medicare. If you worked for an employer and received a W-2 then the employer would pay half of that and the other part would be withheld from your paycheck. Since you do not work for an employer, you pay all of it yourself.
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