Self Employed tax too high

This year my taxes for self-employed went too high, is suppose said is the 12.5% but the real numbers are way too much higher than that, is anyone having the same situation? Thank you.

210

Level 15

Apr 12, 2022 10:48:18 PM

FICA is a 12.4% ON 92.35% OF SE income with a maximum of $142800 (about $154600 before the 92.35% adjustment)

medicare tax is 2.9% on 92.35% of SE income

see schedule SE for your computation

in addition, if investment income is too high there is an additional medicare tax of 3.8% form 8960

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Self Employed tax too high