You'll need to sign in or create an account to connect with an expert.
Income reported on your form 1099-MISC bears two different taxes: self-employment tax (which is the $511) and regular income tax.
This is why you owe more than the difference between $511 and $233. The extra $479 is regular income tax on your 1099-MISC income.
Income reported on your form 1099-MISC bears two different taxes: self-employment tax (which is the $511) and regular income tax.
This is why you owe more than the difference between $511 and $233. The extra $479 is regular income tax on your 1099-MISC income.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
janetcbryant
New Member
jh777
Level 3
bjw5017
New Member
asrogers
New Member
AE_1989
New Member