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Get your taxes done using TurboTax
Thank you for sharing your token number. I examined the Schedule SE-T in detail and noted the following.
Line 7 of Schedule SE is a set number each year for the maximum amount of earnings subject to Social Security tax. For 2021 that number is $142,800. This is the same number reported on your W-2 in box 3. Therefore you have met the maximum requirement for Social Security tax withholding and no additional Social Security tax will be imposed on your self-employment income.
When you take a closer look at the description shown beside box 8a on Schedule SE, it states 'If $142,800 or more, skip lines 8b through 10 and go to line 11.' This is exactly what TurboTax does, so it is calculating the self-employment tax correctly.
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March 30, 2022
8:39 AM