Using the Needs-Based approach to computing life insurance needs: How much life insurance death benefit coverage would one need to replace an income stream of $100,000 per year for the next 25 years, assuming an interest rate of 8.0% ? $1,561,766.05$2,500,000$200,000,00$1,067,477.62 Spencer is employed by Turtle Boats, Inc.. He makes $105,000 per year in salary. The Social Security Income limit for taxes for the year is $78,000. How much in total FICA taxes does Spencer pay for the year? $1,522.50 $6,358.50 $5,967.00 $8,032.50 Lily is self-employed. She makes $50,000 per year in net self-employed earnings (below the Social Security Income limit of $80,000 ). How much does she pay in total FICA taxes for the year? $7.650.00 $3,825.00 $6,200.00 $3,100.00