contribution The term prescribed employee contribution means, with respect to any eligible individual who is engaged in employment for a covered employer during any calendar year, an amount equal to 6.2 percent of the wages received by such employee with respect to such employment. The Commissioner of Social Security shall provide by regulation for exclusion of remuneration paid to any employee during any calendar year from the total amount of remuneration treated under this paragraph as wages paid to such employee during such calendar year to the extent that such total amount exceeds the contribution and benefit base for such calendar year under section 230 of the Social Security Act. (7) Prescribed self-employment contribution The term prescribed self-employment contribution means, with respect to the self-employment income of an eligible individual for any calendar year, the excess (if any) of— (A) 6.2 percent of the amount of such self-employment income for such calendar year, to the extent that such self-employment income does not exceed, for such calendar year, the contribution and benefit base for such calendar year under section 230 of the Social Security Act , over (B) the total of all prescribed employee contributions and prescribed employer contributions payable with respect to such eligible individual for such calendar year. Effective with the commencement of the 16th calendar year for which the eligible individual’s election under section 105 is in effect, 12.4 percent shall be substituted for 6.2 percent in subparagraph (A). (8) Prescribed employer contribution The term prescribed employer contribution means, with respect to any eligible individual who is engaged in employment for a covered employer during any calendar year, an amount equal to 6.2 percent of the wages received by such employee with respect to such employment, to the extent that such wages do not exceed, for such calendar year, the contribution and benefit base for such calendar year under section 230 of the Social Security Act .