Tax owed seems high

Forum|Forum|3 years ago
April 18, 2023
2 replies
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Did my return with Turbo Tax. I owe almost 20% ($15,749) on taxable income of $83,770. It seems high. The tax table for married filing jointly says this- Income $83,551 to $178,150 Tax owed $9,615 + 22% of amount over $83,550 We have no dependents(kids grown) My wife is W-2 income and I'm self-employed. Appreciate any advice!

Not A Product Question

xmasbaby0

Level 15

If you are self-employed you also have to pay self-employment tax for Social Security and Medicare, as well as ordinary income tax, so those tax tables do not tell you the whole story.

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

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.**