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gerianneo93
March 6, 2025
Question

Total income MFJ = $124K, w/ $31K wages & $93K self-employment; took standard deduction & total deductions = $55K, so taxable income was $69K.Why is total tax $21K?

  • March 6, 2025
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    1 reply

    DawnC
    DawnC
    March 6, 2025

    The total tax on line 24 from your tax return is your ordinary income + any self-employment tax - tax credits.   Your ordinary tax is on line 16, the SE tax is added, then tax credits are subtracted to arrive at your tax liability.  

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