I don't understand the amount on line 7 and line 9 on Schedule SE for Form 1040. It says $160,200. when the income was $3,000.
Self Employment tax
0114263
1 Replies
VolvoGirl
Level 15
Jun 14, 2024 5:16:16 PM
That is just the pre-printed default max amount. For 2023 the max for Social Security is $9,932.40 on $160,200 of wages (160,200 x 6.2%). See its on a blank Schedule SE