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Find the Social Security Tax and Medicare Tax on the Annual

Question 1

Multiple Choice

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.
-Drew Laughlin, attorney, earned $53,081.59


A) $6,582.12, $1,539.37
B) $3,291.06, $1,539.37
C) $3,291.06, $769.68
D) $6,482.12, $1,439.37

Correct Answer:

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