Problem 22-62 (LO 22-4) (Algo) Adam Fleeman, a skilled carpenter, started a home Improvement business with Tom Collins, a master plumber. Adam and Tom are concerned about the payroll taxes they will have to pay. Assume they form an S corporation and each eams a salary of $70,000 from the corporation, in addition, they expect their share of business profits to be $90,000 each. How much Social Security tax and Medicare tax (or self-employment tax) will Adam, Tom, and their corporation have to pay on their salary and profits? (Assume Adam and Tom are paying themselves reasonable salaries.) FICA Tax Adam Tom S corporation