Social security taxes to limit taken on W2 earnings through June, Pro Series charges SS tax on later self-employment earnings beginning July. Don't see how to adjust for this on self-employment earnings, which affects contribution to SEP.
Best Answer Click here
Are you sure it's not just adding Medicare tax?
Are you saying the program isnt capping the SS taxes based on all earnings subject to SS?
Make sure both the schedule C and the W2 are marked properly, i.e. for the same taxpayer, marked t, or spouse, marked s. I can see how this may happen, but I'm not sure why. Did you try overriding the Social Security tax to the correct amount? Just my opinion.
That's it of course. Forgot about no limit on medicare tax. Thank you so much.
I am saying that but I was wrong. It was just on going Medicare tax on another $209,000 of self-employment earnings. Thanks for answering.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.