That's right. The SE tax includes what you already paid in from your W2s so your schedule SE tax will only be the difference up to the max amount of $9,114.00 for social security. The max income for social security for 2022 is $147,000 between W2 wages and the schedule C Net Profit. If you also have W2 income, you have to break out the Social Security and Medicare taxes. Only the Social Security part maxes out.
For 2022 the max for Social Security is $9,114.00 on $147,000 of wages (147,000 x 6.2%).
Medicare is 2.9% (both er & ee parts) of all wages & 92.35% Schedule C Net Profit - no max.
