Mr. Chen owns and operates a farm. His net earnings from selfemployment were $41,572. He is required to file Schedule SE (social security tax) with his income tax. He paid $1,600 quarterly on his estimated taxes to cover the social security tax. His social security tax rate is 15.3 percent.
a. How much was his social security tax?
b. What was the estimated social security tax he paid?
c. What was the difference between the estimated tax and the actual tax, using a positive or negative number?
a. $6,360.52
b. $6,400.00
c. +$39.48
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