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

posted

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

https://www.irs.gov/pub/irs-pdf/f1040sse.pdf

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.

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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.

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.

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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.

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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.

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