Lesson 2.4 - Social Security and Medicare Taxes
Flashcard
•
Mathematics
•
12th Grade
•
Practice Problem
•
Hard
Standards-aligned
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the Medicare tax rate for all taxpayers?
Back
1.45% of earnings, regardless of income level.
2.
FLASHCARD QUESTION
Front
What is the Social Security tax rate for employees?
Back
6.2% of earnings.
3.
FLASHCARD QUESTION
Front
Is the Medicare tax rate the same for all income levels?
Back
True, every taxpayer pays the same tax rate for Medicare.
4.
FLASHCARD QUESTION
Front
What is the combined tax rate for Social Security and Medicare?
Back
7.65% (6.2% for Social Security + 1.45% for Medicare).
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
If a taxpayer earns $87,425, how much Medicare tax do they owe?
Back
$1,268.
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
What is the purpose of Social Security taxes?
Back
To fund the Social Security program, which provides retirement, disability, and survivor benefits.
7.
FLASHCARD QUESTION
Front
What is the purpose of Medicare taxes?
Back
To fund the Medicare program, which provides health insurance for individuals aged 65 and older and certain younger people with disabilities.
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