Problem Information Use the following tax rates, ceiling and maximum taxes Employee and Employer OASDI: 6.20% $132,900 $8,239.80 Employee and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $132,900 $16,479.60 Self-employed HE: 2.9% No limit No maximum Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Ralston is the sole proprietor of Cut & Curl. During the year, his net earnings were $79,700. What are his self-employment taxes (OASDI and Ht) on these earnings? Round your answer to the nearest cent