3057421
I have Adjusted Gross of $26,500, Taxable Income of $10,800 and a fed tax of $5,100. This doesent seem correct. Am I thinking wrong?
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are you self-employed?
If you are self employed, then all your net business income (profit) is subject to 15% self employment tax. Then, your taxable income (after the standard or itemized deduction, dependents, and credits) is subject to income tax (10-12% in your case).
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