SE Contribution Calculation

A client is paid on a K-1.  Her line 14a SE income is 124,961.  She and I are coming up with a different result.  Here is my work:

142,500        Current year TWB    
124,961         K-1 SE Income
115,401.48    1402(a)(12) Deduction  (.9235)
    
7,747.58        FICA (6.2%) paid up to TWB
1,673.32       MED (1.45%)
9,420.90      Total SE Tax                    
    
115,540.10    K-1 SE Income - SE Tax
    
25        Desired Cont %
    
92,432.08    Adjusted Comp (115,540.10/(25%)+1)
23,108.02     Contribution (25% of Adjust Comp)
    
Calculation Check    
    
92,432.08    Adjusted Compensation
9,420.90      Total SE Taxes                           
23,108.02     Contribution                         
124,961.00    K-1 SE Income 
 

Am I good?

No - you multiplied 124961 by .062 rather than 115401.48

Yeah, SECA tax should be $17,656.43 with the 50% deduction at $8,828.21, net SE income before PS of $116,132.79, and then 25% PS at $23,226.56.

Ahh... yes.  Goes to show you can be looking at something forever and just overlook a simple mistake.  A second set of eyes is worth its weight in gold.

I made the change in my SS and indeed I came up with $23,226.56 which is what my client came up with.

Thank you both for  being my second set of eyes!