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 $42,999.57

A. $2665.97, $623.49
B. $2665.97, $1246.99
C. $5331.95, $1246.99
D. $5231.95, $1146.99


Answer: C

Mathematics

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A.

B.

C.

D.

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A) 11 B) 13 C) 14 D) 12 E) None of these

Mathematics