Question

I only made $42K and owe over $10K in taxes WHY?

Forum|Forum|5 years ago
February 4, 2021
1 reply
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TurboTax Deluxe Online

It is almost impossible to answer your question without seeing your tax return.

However, this scenario is quite possible if your income is self-employment income and you had no taxes withheld. On self-employed income, you have to pay income tax AND self-employment tax. Self-employment tax alone is 15.3% calculated on 92.35% of self-employed income.

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