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Get your taxes done using TurboTax
Wow, that is a large Parsonage. Therefore, it seems about right.
'Regular' Medicare taxes for self employment is 2.9% (after an adjustment by 92.35%). So the Medicare calculation is $45,600 x 92.35% x 2.9% = $1216.
The Additional Medicare tax is 0.9%. So that would be $409, but your income could be on the border so it may not all be subject to that, which is why you are paying LESS than that.
'Regular' Medicare taxes for self employment is 2.9% (after an adjustment by 92.35%). So the Medicare calculation is $45,600 x 92.35% x 2.9% = $1216.
The Additional Medicare tax is 0.9%. So that would be $409, but your income could be on the border so it may not all be subject to that, which is why you are paying LESS than that.
‎June 5, 2019
4:57 PM