Flashcardizz 5.5

Front

How much Social Security tax is withheld from a gross pay of $500 at a standard rate of 6.2%?

Back

$31

Front

How much Medicare tax will be withheld from a gross pay of $750 at a standard rate of 1.45%?

Back

$10.88

Front

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

Back

True

Front

Federal government program that supports health care for individuals over 65

Back

Medicare

Front

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

Back

1,512

Front

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

Back

354

Front

What makes up the two components of FICA? Options: federal and state income taxes, social security and health insurance, social security and medicare, medicare and medicaid

Back

social security and medicare

Front

This piecewise function represents the Social Security taxes for 2009. How much did Rachel pay in Social Security tax if she earned $102,000 in 2009?

Back

$6,324, $6324, 6,324, 6324

Front

In 2010, Ali paid $4,960 in Social Security tax. If the Social Security tax rate was 6.2% to the maximum income of $106,800 that year, what was Ali’s taxable income?

Back

$80,000

Front

The total amount you earn before any deductions are subtracted is called __________ pay.

Back

Gross