I am using Window Desktop Home & Business.
as a test, I created a new return with just one person (single), gave them the maximum social security tax ($10,453.20) on a W-2 and then I filled out a schedule C having $10,000 profit. Turbo Tax calculates the Schedule SE based on Schedule C correctly. But it has the full amount of both the W-2 Social Security tax and the Schedule SE social security tax on the return. No excess social security tax is calculated nor on the return anywhere. Thus, this single person has more than the yearly amount of social security tax maximum of $10,453.20 paid to the government. Should Turbo Tax have declared the amount above $10,453.20 as excess?
