6-5: Social Security and Medicare

What percent of your earnings goes to Medicare?

• 1.45%

• .0145%

• 6.2%

• .062%

Tags

CCSS.6.RP.A.3C

What percent of your earnings goes to Social Security?

• 1.45%

• .0145%

• 6.2%

• .062%

What are the current rates for Social Security and Medicare?

• Social Security: 1.45%, Medicare: 6.2%

• Social Security: 5.9%, Medicare: 1.85%

• Social Security: 7.05%, Medicare: 10.23%

• Social Security: 6.2%, Medicare: 1.45%

What is the maximum amount of income that will be taxed for Social Security? Write your answer in terms of dollars (do not include any cents in your answer).

The Social Security deduction is withheld at a standard rate of 6.2%. Suppose your gross pay this week is $500. How much Social Security tax is withheld from your paycheck?

• $469

• $25

• $31

• $250

The Medicare deduction is withheld at a standard rate of 1.45%. Suppose your gross pay this week is $750. How much Medicare tax will be withheld from your paycheck?

• $108.75

• $46.50

• $10.87

• $10.88

If your annual income is $24,388, and the Social Security tax rate is 6.2%, what is your Social Security Tax due for the year?

• $1,512.06

• $353.63

• $1,512.05

• $353.62

• $15,120.56

If your annual income is $24,388, and the Medicare tax rate is 1.45%, what is your Medicare Tax due for the year?

• $1,512.06

• $3,536.26

• $353.63

• $353.62

• $1,512.05

If your annual income is $87,425, and the Social Security tax rate is 6.2%, what is your Social Security Tax due for the year?

• $1267.66

• $5,420.35

• $1,267.67

• $54,203.50

If your annual income is $87,425, and the Medicare tax rate is 1.45%, what is your Medicare Tax due for the year?

• $1,267.66

• $1,267.67

• $12,676.62

• $12,676.63