Social Security

Multiple Choice

Why are people concerned that Social Security may run out of funds?

• 
  People are no longer paying into Social Security.

• There are more funds being paid out than being put in.

• Fewer people are applying for Social Security benefits each year.

• People who are eligible to receive benefits are not receiving payments.

Multiple Select

Which of the following have been proposed as solutions that will ensure the long-term availability of Social Security?

• Eliminate Social Security taxes for workers under 30

• Make the social security tax rate higher

• Reduce benefit programs to match contributions of current employees

• Decrease the age of retirement

Multiple Choice

Averi's gross bi-weekly pay is $642. What amount is deducted from this pay period's paycheck for Social Security taxes?

Recall, the Social Security tax rate for the employee's contribution is 6.2% of their gross earnings.

• $39.80

• $79.61

• $398.04

• $955.30

Open Ended

What is the purpose of Social Security, and who is eligible to receive benefits?

Match

Match the gross pay amounts with the total amount deducted for social security.

Remember:

The social security tax is 6.2% of an employee's gross earnings

There are 52 weeks in a year

There are 12 months in a year, so semi-monthly pay is 24 times a year

• $450 weekly

• $760 semi-monthly

• $2,740 monthly

$1450.80

$1130.88

$2038.56

• $1450.80

• $1130.88

• $2038.56