Solved: Why is my taxed rate so much higher on my 1099-MISC? 38% is a lot higher than last year.

Why is my taxed rate so much higher on my 1099-MISC? 38% is a lot higher than last year.

posted

It depends upon your overall tax bracket. Besides regular income taxes, you owe approx 15% self-employment tax. And any income increase can lower some deductions and credits.

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It depends upon your overall tax bracket. Besides regular income taxes, you owe approx 15% self-employment tax. And any income increase can lower some deductions and credits.