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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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/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/
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!
OK, Thank you very much!
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