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correct Social Security wage base
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Craig W
Craig W
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Self-Employment Tax (like FICA tax) consists of Social Security tax and Medicare tax. The Social Security tax part of it is capped (for 2020 at $137,000700) along with the Social Security tax withheld from your job, and this is reflected in 2020 form 1040 Schedule SE lines 7-10.

The Medicare tax part of Self-Employment Tax is not capped (and in fact at sufficiently high incomes you have to pay Additional Medicare Tax).

Self-Employment Tax (like FICA tax) consists of Social Security tax and Medicare tax. The Social Security tax part of it is capped (for 2020 at $137,000) along with the Social Security tax withheld from your job, and this is reflected in 2020 form 1040 Schedule SE lines 7-10.

The Medicare tax part of Self-Employment Tax is not capped (and in fact at sufficiently high incomes you have to pay Additional Medicare Tax).

Self-Employment Tax (like FICA tax) consists of Social Security tax and Medicare tax. The Social Security tax part of it is capped (for 2020 at $137,700) along with the Social Security tax withheld from your job, and this is reflected in 2020 form 1040 Schedule SE lines 7-10.

The Medicare tax part of Self-Employment Tax is not capped (and in fact at sufficiently high incomes you have to pay Additional Medicare Tax).

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user102008
user102008
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Self-Employment Tax (like FICA tax) consists of Social Security tax and Medicare tax. The Social Security tax part of it is capped (for 2020 at $137,000) along with the Social Security tax withheld from your job, and this is reflected in 2020 form 1040 Schedule SE lines 7-10.

The Medicare tax part of Self-Employment Tax is not capped (and in fact at sufficiently high incomes you have to pay Additional Medicare Tax).