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.Larry Barnes, management consultant, earned $74,920.84
A. $9,190.18, $2,072.70
B. $4,645.09, $1,086.35
C. $4,645.09, $2,172.70
D. $9,290.18, $2,172.70
Answer: D
Mathematics
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