Why is my blended tax rate 31.8%? That seems very high for taxable income of only about $14k

A blended tax rate of 31.8% does seem unusually high for a taxable income of around $14,000. Here are a few possible reasons:

1. Additional Income Sources: Other income like dividends, interest, or *capital gains could be taxed at different rates
2. Self-Employment Taxes: If you have self-employment income, you pay both the employer and employee portions of Social Security and Medicare taxes, totaling 15.3%
3. Tax Credits and Deductions: Fewer tax credits or deductions than expected can increase your effective tax rate.

*Capital Gains Tax Rates

• Short-term capital gains: Taxed at your ordinary income tax rates.
• Long-term capital gains: Taxed at 0%, 15%, or 20%, depending on your taxable income
•  More details on the IRS website.

Self-Employment Taxes

• The self-employment tax rate is 15.3%, which includes 12.4% for Social Security and 2.9% for Medicare.
• More details on the IRS website.

To see the impact of your tax transactions, review your summary or preliminary copy of Form 1040 in TurboTax: See steps below

1. Sign in to TurboTax: Open your TurboTax software or log into your TurboTax Online account.
2. Preview Your Return:
   • Select Tools- then  Tax Tools from the menu.
   • Select View Tax Summary, and then Preview my 1040