Exercise 13-30 (Algorithmic) (LO. 5) Basu owns 100% of an S corporation. This year, the corporation paid Basu a salary of $131,000. Basu's share of S corporation income for the year was $52,400. Assume that this is Basu's only income for the year. Compute any resulting payroll and self- employment income taxes. Assume the Social Security rate is 6.2% and Medicare rate is 1.45%. If an amount is zero, enter "0". If required, round your answers to nearest dollar. a. What amount is subject to employee payroll taxes? 131,000 What amount is subject to self-employment taxes? $ b. Compute any resulting payroll and self-employment income taxes. Basu's payroll taxes: $ 10,021 X Self-employment income taxes: 0 Exercise 13-30 (Algorithmic) (LO. 5) Basu owns 100% of an S corporation. This year, the corporation paid Basu a salary of $131,000. Basu's share of S corporation income for the year was $52,400. Assume that this is Basu's only income for the year. Compute any resulting payroll and self- employment income taxes. Assume the Social Security rate is 6.2% and Medicare rate is 1.45%. If an amount is zero, enter "0". If required, round your answers to nearest dollar. a. What amount is subject to employee payroll taxes? $ What amount is subject to self-employment taxes? $ 131,000 0 b. Compute any resulting payroll and self-employment income taxes. Basu's payroll taxes: $ 10,021.5 X Self-employment income taxes: $ 0