Use the 2012 FICA tax rates, shown below, to answer the following question. If you are...

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Use the 2012 FICA tax rates, shown below, to answer the following question. If you are not self-employed and earn $118,000, what are your FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 5.65% on first $110,000 7.65% on first $110,000 paid in 13.3% on first $110,000 of of income wages net profits 1.45% of wages paid in excess of 2.9% of net profits in excess $110,000 1.45% of income in excess of $110,000 of $110,000 FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.) Use the 2012 FICA tax rates, shown below, to answer the following question. If you are not self-employed and earn $118,000, what are your FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 5.65% on first $110,000 7.65% on first $110,000 paid in 13.3% on first $110,000 of of income wages net profits 1.45% of wages paid in excess of 2.9% of net profits in excess $110,000 1.45% of income in excess of $110,000 of $110,000 FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)