3. NOTE: Because the OASDI limit increased to $137,700 for 2020, you must change Line 5 on Schedule SE to the following:

5. Self-employment tax. If the amount on line 4 is:

$137,700 or less, multiply line 4 by 15.3% (0.153). Enter the result here and on Schedule 2 (Form 1040 or 1040-SR), line 4, or Form 1040-NR, line 55.

More than $137,700, multiply line 4 by 2.9% (0.029). Then, add $17,074.80 to the result. Enter the total here and on Schedule 2 (Form 1040 or 1040-SR), line 4, or Form 1040-NR, line 55.

Based on the information contained in Question 2 above, the only correct entry for the TP to report based on the following choices would be:

a. $10,578 on Schedule 1, Line 14.

b. $16,480 on Schedule SE, Line 5.

c. $10,310 on Schedule SE, Section A, Line 6.

d. $10,450 on Schedule 1, Line 14.