I entered $3562 into my Self-Employment income and my Federal Refund dropped by $821, but 15.3% of $3562 is only $544.83. So why did my refund drop by $276.17 extra?
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I entered $3562 into my Self-Employment income and my Federal Refund dropped by $821, but 15.3% of $3562 is only $544.83. So why did my refund drop by $276.17 extra?
It was for delivering food via Grubhub and Doordash
I entered $3562 into my Self-Employment income and my Federal Refund dropped by $821, but 15.3% of $3562 is only $544.83. So why did my refund drop by $276.17 extra?
Well, you also owe regular tax on that $3562.
And, in general, whenever you add income of any type, some of your deductions/credits can be reduced or eliminated.
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