Use the 2016 FICA tax rates, shown below, to answer the following question.

If a taxpayer is self-employed and earns

$170,000,

what are the taxpayer's FICA taxes?

Employee's Rates

Matching Rates Paid by the Employer

Self-Employed Rates

7.65% on first $118,500 of income

1.45% of income in excess of $118,500

7.65% on first $118,500 paid in wages

1.45% of wages paid in excess of $118,500

15.3% on first $118,500 of net profits

2.9% of net profits in excess of $118,500