Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is self-employed and earns , 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