Sec. 5. Tax on net earnings from self-employment up to contribution and benefit base and more than $250,000
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(1)of section 1402(b) of the Internal Revenue Code of 1986 is amended to read as follows: in the case of the tax imposed by section 1401(a), the excess of— that part of the net earnings from self-employment which is in excess of— an amount equal to the contribution and benefit base (as determined under section 230 of the Social Security Act) which is effective for the calendar year in which such taxable year begins, minus the amount of the wages paid to such individual during such taxable years; over that part of the net earnings from self-employment which is in excess of the sum of— the excess of— the net earning from self-employment reduced by the excess (if any) of subparagraph (A)(i) over subparagraph (A)(ii), over $250,000, reduced by such contribution and benefit base, plus the amount of the wages paid to such individual during such taxable year in excess of such contribution and benefit base and not in excess of $250,000; or . Subsection
(b)of section 1402 of the Internal Revenue Code of 1986 is amended by adding at the end the following: Paragraph
(1)shall apply only to taxable years beginning in calendar years for which the contribution and benefit base (as determined under section 230 of the Social Security Act) is less than $250,000. . The amendments made by this section shall apply to net earnings from self-employment derived, and remuneration paid, after December 31, 2014.