I am self-employed and would like to know why I pay more federal income tax than when I was employed by a business?

I am self-employed and would like to know why I pay more federal income tax than when I was employed by a business. Asked by Janette123 28 days ago Similar questions: self employed pay federal income tax employed business Business > Taxes.

Similar questions: self employed pay federal income tax employed business.

Your federal income tax return includes the equivalent of social security tax, in the form of self-employment tax, which you probably didn't notice when you were employed because it was deducted directly from your paycheck. But the upside is you can subtract 100% of your health insurance premiums on page 1 of your 1040.

Line 55 of my income tax form is what I am trying to understand. My husband's taxes are from line 61. S is about one-fourth less and his gross income is about two-thirds what I earn (I get health insurance through my husband's work).

Janette123 28 days ago .

You may have moved into a higher tax bracket...the 1%'ters, start with a 39% tax rate and go up from there. I know you don't believe it but the more you make the more you pay. It is the deductions that are the problem.

I understand, self-employment tax, for Medicare and SS are what I pay in full as a self-employed worker though I am allowed to deduct 50%. I am trying to understand line 55 (my federal income taxes? )of our income tax return and compare it to line 61 (my husband's federal income taxes).

Janette123 28 days ago .

I can not help with that. Perhaps someone else here can.

You were "paying" the employer's share of social security and other taxes, in the form of lower wages. The only difference now is you can see the whole bite.

I don't understand line 55 of my income tax form. It's so high compared to line 61 (my husband's federal income taxes). Janette123 28 days ago .

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I am currently employed. I filed for unemployment benefits in dec, 2009 how can I get back time pay?

I am 55, self-employed, with one dependent. Can I withdraw SS early to pay my federal taxes I owe?

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