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April 16, 2024
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Fed Tax Amount

  • April 16, 2024
  • 1 reply
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Last minute--did quick calculation of taxes--$2000 income, $17,000 deductions, but program calculates Fed tax as $135??

    Best answer by VolvoGirl

    Would need more info and 1040 line numbers.  Are you Single?  Is 2,000 after deductions?  Your deductions might be limited.  Is this from W2 income or self employment on a 1099NEC?  If you got a 1099NEC you owe self employment tax even if you don't owe any regular income tax.  

    1 reply

    VolvoGirl
    VolvoGirlAnswer
    Employee
    April 16, 2024

    Would need more info and 1040 line numbers.  Are you Single?  Is 2,000 after deductions?  Your deductions might be limited.  Is this from W2 income or self employment on a 1099NEC?  If you got a 1099NEC you owe self employment tax even if you don't owe any regular income tax.  

    dgdunhamAuthor
    April 20, 2024

    Turned out it was self-employment tax that did the deed--thank you, though!