15% tax on $7.5k earnings. Is that right?
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This year is my first year in the USA. My sole earnings were an honorarium from a university for $7,500 -- reported on a 1099-MISC form in box 7. For this, I was on-site for a few days and talked about my particular technical expertise with university staff, and joined them in a publication. However, as I have just been unpleasantly informed by turbotax, this does not make me a poor person earning under the $12k deductible. This makes me a self-employed business and thus I have to pay about 15% taxes on these earnings. This seems completely crazy. Have I missed something?
united-states taxes self-employment
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