This year, I maxed out social security wages. TT Home and business recognized that and took only medicare taxes from my side hustle. However, it took less than what it should. Because social security maxed out on the W-2, it should calculate Medicare tax on .9855 of the self employment income. But TT calculated it on .9235 of the self employment income. This would mean underpayment of Medicare taxes. Can a tax specialist take a look at what I am saying? Thanks in advance.
