The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
It is calculated on the net profit or loss on line 31 of your Schedule C.
Do you have other taxable income that might account for the tax balance due?
If you are using the CD/Download version of TurboTax you can go into Forms Mode and look at Schedule SE for the calculation of SE tax or the 1040 to see the total tax calculation.
If you are using the online version of TurboTax, you can preview your 1040 to see what else might account for the tax bill. To do this:
- While in your return, click Tax
Tools > Tools (in the black bar at the side of the screen).
- In the Tools Center, under Other helpful links click on View
Tax Summary.
- Click on the Preview my 1040
link in the black bar at the side of the screen.
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