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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.
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