What are the social security and Medicare taxes due on gross earnings of $60,400 per year for Tricia Marvel, a self-employed commercial artist?
Round dollars to the nearest cent.
From Google:
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.