Self-Employed Social Security Taxes (LO. 2) Eric is a self-employed financial consultant. During 2020, Eric's...
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Self-Employed Social Security Taxes (LO. 2) Eric is a self-employed financial consultant. During 2020, Eric's net self-employment income is $153,500. The OASDI rate is 6.2%; the MHI rate is 1.45%. Hint: 2020 OASDI cap is $137,700. Note: Round all calculations to the nearest cent. What is Eric's self-employment tax? 10,671.75 X
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