Question

Blended tax rate…

Forum|Forum|2 years ago
April 15, 2023
1 reply
0 views

Why tf is my blended tax rate 248.7%?!

I do contract work for a company and your saying I owe 2139 for what? More expenses besides gas, natural gas, inflation in general? On top of that you charge my a fee for being self employed??

X

xmasbaby0

If you are working as an independent contractor, you have to pay self-employment tax for Social Security and Medicare, as well as ordinary income tax. In order to prepare a Schedule C to claim your business expenses you have to use online Self-Employed software or any version of the CD/download. We cannot see your tax return, nor do we know what else you entered, whether you claimed dependents, what your filing status is, etc.

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

R

ryankimbroAuthor

This info has nothing to do with 248.7% blended tax rate bs. I know what self employment is that’s why I am working as a contractor to make a decent living.

if I had known that I owe so **bleep** much then I would have saved more money.
still have to pay $178 for NO HELP self employment.

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X

xmasbaby0

You used the "do-it-yourself" version of online Self-Employed---which costs $119 for federal and $59 for a state return, so yes, you will need to pay for using the software. A "Live" version with help from a tax expert would cost much more ($209 for federal and $64 for state).

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**