You'll need to sign in or create an account to connect with an expert.
The 15.3% is self-employment tax. That's the equivalent, for someone who is self-employed, of the Social Security and Medicare taxes that would be deducted from your pay if you were an employee. But self-employment tax is not income tax. You also pay regular income tax on your self-employment income. The total tax due is the income tax plus self-employment tax.
The 15.3% Self Employment tax is in addition to any regular income tax you owe on all your income. Plus adding more income might reduce any credits you had like the EIC. What other lines changed?
How to preview
Self-employment income is subject to self-employment tax (about 14.8% net because there is an offsetting deduction, its complicated) AND ALSO regular income tax, which might be 15%, 22%, or more, depending on your total income.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
MS456
Level 2
acewonder87
Returning Member
Semibreve
Level 1
Cdmir
Level 1
mybelle1
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.