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I worked for Instacart and Walmart. I always gt a refund from Walmart my main job why do I owe taxes?

 
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2 Replies

I worked for Instacart and Walmart. I always gt a refund from Walmart my main job why do I owe taxes?

If you filed the instacart on a 1099 and Schedule C you owe self employment tax on it.  You need to have more taken out of Walmart or send in quarterly estimated payments to cover the extra tax.  

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 (If it is 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.  

I worked for Instacart and Walmart. I always gt a refund from Walmart my main job why do I owe taxes?

You are working as an independent contractor for Instacart.  They did not withhold tax, Social Security or Medicare, so now you have to pay all of the Social Security and Medicare as self-employment tax, and possibly some ordinary income tax, too.

 

 

 

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

 

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

 

 

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

 

 

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

 

 

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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