I have taxable income of $77748 (SocSec + basis IRA distribution + small income for contracting). According to tax tables I should pay $2,055 plus 12% of the excess over $20,550. This would come to $8918.76. However, Turbotax calculates $9523. Can someone explain the difference?
There are not capital gains, stock sales, etc. I'm taking standard deduction.
Your income from contracting is self-employed income and is subject to self-employment tax which is calculated at 15.3% on 92.35% of your self-employed income. This is in addition to regular income tax and would most probably be the reason for this difference.
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