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Lesson 2.4 - Social Security and Medicare Taxes

Lesson 2.4 - Social Security and Medicare Taxes

Assessment

Flashcard

Mathematics

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

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15 questions

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1.

FLASHCARD QUESTION

Front

What percent of your earnings goes to Medicare?

Back

1.45%

2.

FLASHCARD QUESTION

Front

What percent of your earnings goes to Social Security?

Back

6.2%

3.

FLASHCARD QUESTION

Front

What are the current rates for Social Security and Medicare?

Back

Social Security: 6.2%, Medicare: 1.45%

4.

FLASHCARD QUESTION

Front

If your gross pay is $500, how much Social Security tax is withheld at a rate of 6.2%?

Back

$31

5.

FLASHCARD QUESTION

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

6.

FLASHCARD QUESTION

Front

Define Social Security Tax.

Back

A federal tax that funds the Social Security program, providing benefits for retirees, disabled individuals, and survivors.

7.

FLASHCARD QUESTION

Front

Define Medicare Tax.

Back

A federal tax that funds the Medicare program, providing health insurance for individuals aged 65 and older and certain younger people with disabilities.

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