Your client Lyric Logan is self employed. She had $300,000 of self employment income in 2022. Write Lyric Logan a letter explaining the components of self employment tax. Include the following in your letter

The Social Security and medicare rates

An explanation of the wage cap and the amount for 2022.

An explanation of the employer and employee portion of social security and medicare.

An explanation of the deductible portion of self employment tax. Discuss why it is deductible

An explanation of the additional medicare tax on high wage earners.

A calculation of Lyric Logans self employment tax for 2022