Self-Employed Social Security Taxes (LO. 2)

For 2019, Eric is a self-employed financial consultant. During the current year, Eric's net self-employment income is $160,000. The OASDI rate is 6.2%; the MHI rate is 1.45%.

Hint: OASDI 6.2% tax is on the first $132,900 for the year.

Note: Round all calculations to the nearest cent.

What is Eric's self-employment tax?