I did two side jobs this year, made $1,000, and received a 1099-MISC. I've completed a Schedule C-EZ and the SE tax form. However, it seems as though I'm paying taxes on my side jobs twice.
On the 1040, I've put the $1,000 under business income. My net income is used to determine my tax on the tax table. So, the money I made from these side jobs is already being used to determine how much I owe in taxes.
But then I add the 15% SE tax to the amount I owe according to the tax table. So, it seems I'm paying taxes on this income twice.
Is this correct, or have I overlooked something?
NOTE: I just received the 1099-MISC and had forgotten about this income. I live in a rural area, and can't get an appointment with a local accountant. I'd like to try to do this myself.
