FICA

FICA tax on self employment

Let's assume a person is self-employed and earns $100,000 and his spouse, $60,000. Those earnings are properly entered for he and his spouse under earnings as "self employment earnings." When looking at the Social Security folder this user then copies those earnings forward under Social Security future earnings. (this is a mistake).

We would expect the husband's FICA to be 100,000 x 0.9235 x 0.153 = $14,130 and the wife's should be $60,000 x 0.9235 x .153 = $8,478.

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