Yes. You don't need to prepay the SS part of SE Tax since you are over the $147,000. But the Medicare part does not max out.
Turbo Tax figures it out for you. If you also have W2 income, you have to break out the Social Security and Medicare taxes. Only the Social Security part maxes out.
The SE tax includes what you already paid in from your W2 so your schedule SE tax will only be the difference up to the max amount of $9,114.00 for social security. The max for social security for 2022 is 6.2% of wages plus schedule C net profit up to $147,000. Medicare is 2.9% (both er & ee parts) of all wages & schedule C profit - no max.
This answer has been verified for accuracy by an Intuit expert employee
