This is my first time filing taxes and I have two 1099 NECS that I have to file for, they were contracting jobs. I made less than 14,000 and am a dependent, so I feel like my taxes are unexpectedly high. I also had some taxes withheld from W2 but it doesn't show any deductions on the turbotax app. I'm wondering if there's anything I'm missing or if there's any other way to get deductions on my taxes.
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Form 1099-NEC generates a lot of tax because that income is treated as "Self-Employment" income and you're charged "Self-Employment" tax.
As an employee, your employer withholds half your FICA payment (Social Security payment) from your pay and then they pay the other half and they send it in.
As a Self-Employed Taxpayer, you pay both halves and you pay it through your tax return.
This is added near the end of the computations since some credits and deductions are not allowed to reduce the payment.
You can look at your tax return, look at Schedule 2 line 4, that's where the self-employment tax is listed. This tax gets carried over to your 1040 line 17.
The federal income taxes you paid on your W-2 will be listed on your 1040 line 25a. Make sure they are reported there.
HERE is how to look at your tax return Online.
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