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?
02413
2 Replies
Mike9241
Level 15
Apr 27, 2023 11:47:19 PM
are you self-employed?
Opus 17
Level 15
Apr 28, 2023 5:49:15 AM
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).