U1 P5 Social Security and Medicare 2021-2022

What percent of your earnings goes to Medicare?

• 1.45%

• .0145%

• 6.2%

• .062%

What percent of your earnings goes to Social Security?

• 1.45%

• .0145%

• 6.2%

• .062%

The Social Security deduction is withheld at a standard rate of 6.2%. Suppose your gross pay this week is $500. How much Social Security tax is withheld from your paycheck?

• $469

• $25

• $31

• $250

The Medicare deduction is withheld at a standard rate of 1.45%. Suppose your gross pay this week is $750. How much Medicare ta will be withheld from your paycheck?

• $11.75

• $690

• $5.39

• $10.88

What is the current rates for Social Security and Medicare?

• Social Security: 8.3%, Medicare: 3%

• Social Security: 5.9%, Medicare: 1.85%

• Social Security: 7.05%, Medicare: 10.23%

• Social Security: 6.2%, Medicare: 1.45%

EVERY taxpayer pays the same tax rate for Medicare, no matter how much you make.

• True

• False

Federal government program that supports health care for individuals over 65

• Social Security

• Salary

• Medicare

• Income Insurance

What percent of gross are payroll taxes (social security + medicare)?

• it varies
• 1.45%
• 6.2%
• 7.65%

If gross inccome is $24,388, Social Security is 6.2%, and Medicare is 1.45%, what is the Social Security Tax due?

• 3,536

• 15,121

• 354

• 1,512

If gross inccome is $24,388, Social Security is 6.2%, and Medicare is 1.45%, what is the Medicare Tax due?

• 3,536

• 15,121

• 354

• 1,512