- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
Here's a thought. Do you have any W2s? Are you married? You may have assigned a W2 or even the schedule C to the wrong person. If you have W2 income the SE tax has a max.
If you have W2 income, you have to break out the Social Security and Medicare taxes. The Social Security part maxes out.
The SE tax includes what you already paid in from your W2 (box 4) 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.
‎September 29, 2023
5:36 AM