why is my taxable income only $2532 but the tax rate as high as 162.4%?

@zoeliu916 

If you have self-employment income, then the SS & Medicare tax at  just over 15% of line 3 on your Schedule 1?

That tax is applied, and mut be included....all before your Std Deduction/or itemized deductions, are applied, and then the regular income tax is calculated.

Thus, the "effective" tax rate can end up being a screwy number.

Examine Schedule 2 to see any Additional Taxes to which you might be subject such as self-employment tax or a penalty on early distributions from retirement accounts.  These are combined with your income tax to determine your overall tax liability.