CM: 2.4 Social Security and Medicare Taxes
Flashcard
•
Mathematics
•
9th Grade
•
Practice Problem
•
Hard
Standards-aligned
Wayground Content
Used 1+ times
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15 questions
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1.
FLASHCARD QUESTION
Front
What is Social Security Tax?
Back
A tax levied on earnings to fund the Social Security program, which provides benefits for retirees, disabled individuals, and survivors of deceased workers.
2.
FLASHCARD QUESTION
Front
What is the standard rate for Social Security Tax?
Back
6.2% of gross income.
Tags
CCSS.7.RP.A.3
3.
FLASHCARD QUESTION
Front
How is Medicare Tax calculated?
Back
Medicare Tax is calculated as 1.45% of gross income.
Tags
CCSS.7.RP.A.3
4.
FLASHCARD QUESTION
Front
If gross income is $24,388, what is the Social Security Tax due?
Back
$1,512
Tags
CCSS.7.RP.A.3
5.
FLASHCARD QUESTION
Front
If gross income is $500, how much Social Security tax is withheld?
Back
$31
Tags
CCSS.7.RP.A.3
6.
FLASHCARD QUESTION
Front
What percent of your earnings goes to Medicare?
Back
1.45% of gross income.
Tags
CCSS.6.RP.A.3C
7.
FLASHCARD QUESTION
Front
If gross income is $87,425, what is the Medicare Tax due?
Back
$1,268
Tags
CCSS.7.RP.A.3
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