You owe both the regular income tax and self employment tax on your Net Profit on Schedule C. The Standard Deduction only reduces the income tax portion.
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. So you get social security credit for it when you retire.
The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 2 line 4 which goes to 1040 line 15. The SE tax is in addition to your regular income tax on the net profit. You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 14 which flows to 1040 line 8a. Turbo Tax automatically calculates the SE Tax and Adjustment.
Are you saying the $58,000 is all net self-employment income? If so, then in addition to income tax at whatever your tax bracket is after your standard deduction, are you also considering the self-employment tax of 15.3%? On $58,000 of net self-employment income, the SE tax alone would be close to $9,000.
We don't know exactly what you are looking at. My next comment below will tell you how to preview your actual return so you can see how TurboTax is handling the income tax and SE tax.
You can review your Form 1040 and Schedules 1-3 prior to paying to see how TurboTax is handling the income tax and SE tax. Or you can pay in advance and have access to view/print all forms.
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FAQ: How to I preview my TurboTax Online return before filing?
You owe both the regular income tax and self employment tax on your Net Profit on Schedule C. The Standard Deduction only reduces the income tax portion.
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. So you get social security credit for it when you retire.
The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 2 line 4 which goes to 1040 line 15. The SE tax is in addition to your regular income tax on the net profit. You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 14 which flows to 1040 line 8a. Turbo Tax automatically calculates the SE Tax and Adjustment.