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?

posted

Didn't get the answer you wanted? Our digital assistant can help you.

3 Replies

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?

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

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.

Still have questions?

v