For some reason you are subtracting 1.45% from your Net Profit to give you that 98.55%. I guess you are subtracting either the Employer 1.45 or the Employee 1.45 part. No it doesn't work that way.
It's hard to explain but the IRS only figures the self employment tax on 92.35% of your Net Profit. The Medicare part is 2.9% (both er & ee parts) of all wages & on 92.35% of schedule C profit - no max.
