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We are receiving SS and earned 23,500 last year with the 26,000 standard deduction I have zero taxable income. why do I owe 3,300 tax?
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We are receiving SS and earned 23,500 last year with the 26,000 standard deduction I have zero taxable income. why do I owe 3,300 tax?
Was your income from self-employment?
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We are receiving SS and earned 23,500 last year with the 26,000 standard deduction I have zero taxable income. why do I owe 3,300 tax?
Yes
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We are receiving SS and earned 23,500 last year with the 26,000 standard deduction I have zero taxable income. why do I owe 3,300 tax?
You owe approx 15% self-employment tax.
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