Why are my self employment taxes so low?

jstrope · ‎May 31, 2019

My self-employment taxes for 2016 are about 40% of what they were in 2015, despite my income being very similar. This doesn't look correct to me. Can someone take a quick look and let me know what I'm missing?

TomYoung · ‎May 31, 2019

This is a user to user forum. Nobody can see your income tax return, nobody can see your user screen.

Print out your entire income tax return and start going through it, line by line. If you have last year's income tax return in paper form - and you really should - then do your line by line comparison between the two years as well.

Self Employment Taxes are a function of your Schedule C income and the mechanics of Schedule SE. You should be able to answer your own question.

Tom Young

View solution in original post

TomYoung · ‎May 31, 2019

This is a user to user forum. Nobody can see your income tax return, nobody can see your user screen.

Print out your entire income tax return and start going through it, line by line. If you have last year's income tax return in paper form - and you really should - then do your line by line comparison between the two years as well.

Self Employment Taxes are a function of your Schedule C income and the mechanics of Schedule SE. You should be able to answer your own question.

Tom Young

Wkkw1 · ‎January 27, 2020

Make sure you check my taxes out

DavidD66 · ‎January 27, 2020

No one in the TurboTax Community can access your tax returns. If you would like a tax professional to review all or parts of your tax returns, consider TurboTax Live. For more information, see What is TurboTax Live?

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Why are my self employment taxes so low?