Right the IRA amount is per person so you don't combine the Schedule Cs. The 2.9% tax is for the Medicare part of the self employment tax. So your Schedule C profit must have been $8,513 not 7,000.
For 2023 the max for Social Security is $9,932.40 on $160,200 of wages (160,200 x 6.2%).
Medicare is 2.9% (both er & ee parts) of all wages and 92.35% of Schedule C Net Profit - no max.
You are paying 15.3% for……
SS for employer 6.2% (up to 160,200 wages & profit)
SS for employee 6.2% (up to 160,200 wages & profit)
Medicare for employer 1.45% (on all wages & profit, no max)
Medicare for employee 1.45% (on all wages & profit, no max)
