Find the Social Security tax and Medicare tax on the annual gross income of a self-employed individual. For a self-employed person, the FICA rate is 12.4% and the Medicare rate is 2.9%. Round to the nearest cent if needed.Ted Houston, accountant, earned $56,641.08
A. $3,511.75, $821.30
B. $3,511.75, $1,642.59
C. $6,923.49, $1,542.59
D. $7,023.49, $1,642.59
Answer: D
Mathematics
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