Adrian Paraz: There are state and federal taxes and self employment taxes. SE taxes are ss and medicare. You need to print it out and look at the forms. Is everything entered correctly? If your expenses are more than your income then the job was a waste of time.
Noah Deni: What kind of "expenses"?Are they related to the self-employment or are they personal (deductible or non-deductible) expenses?
Corey Rohleder: Your BUSINESS expenses were $14,715? Or does that include itemized or standard deduction and your exemption? If those were all business related expenses, something is wrong - but not likely that you'd have that much.Without more info. mainly what your se business is and what those expenses are, is hard to answer you. If you'll post again with what he $14,715 consists of, maybe someone can help you. If the expenses aren't business related, it's probably right....Show more
Jodie Capella: Sorry, i am UK based and am not self employed, can't you! find a web page to help you? Apart from Y!A, one that specialises in taxes, over here if we get stuck on things we have an organisation called CAB (Citizens Advice Bureau) for these types of problems.Karl
Vernita Robberson: The most likely explanation is that what you think qualifies a 100% expense deduction and what the program is calculating are two different things. For instance, sometimes people have a misconception about applicable automobile costs. Another item that tends to confuse people is meals and entertainment.So, while it depends on your specific situation, I can't think of any other reason you owe self-employment tax. The tax is based on NET SE income, so if you had a net loss, you wouldn't owe anything.Good luck! :0)...Show more
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