For 2019, eric is a self-employed financial consultant. during the current year, eric's net self-employment income is $132,150. 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?

The Eric's self-employment tax is $10109

Explanation:

The computation of the Eric's self employment tax is shown below:

= Net Self employment income × OASDI  tax rate +  Net Self employment income × MHI tax rate

= $132,150 × 6.2% + $132,150 × 1.45%

= $8,193.30 + $1,916.175

= $10109.475

The OASDI tax rate is also called social security tax and the self employment tax comprises of OASDI tax and MHI tax.

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