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Tax owed seems high

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!

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3 Replies

Tax owed seems high

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/...

 

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.**
klb4
New Member

Tax owed seems high

Contribute to an IRA account to help lessen your tax liability.  Maybe start a business. 

We're paying more ourselves as numerous exemptions have been eliminated though we have the stand deduction :(.

 

Good luck!

Tax owed seems high

OK, Thank you very much!

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