Payroll Deductions and Taxes Quiz

What is the Social Security tax rate for 2022?

• 5.2%

• 6.2%

• 7.2%

• 8.2%

At what income level does the additional Medicare tax apply for joint filers?

• $200,000

• $225,000

• $250,000

• $275,000

What is the tax rate for married individuals filing jointly with an income of $500,000 in 2023?

• 32%

• 35%

• 37%

• 24%

For married individuals filing jointly, what is the income range for the 37% tax bracket in 2023?

• $462,500 to $693,750

• $693,750 or more

• $231,250 to $578,125

• $578,125 or more

What is the tax rate for heads of households with an income of $100,000 in 2023?

• 10%

• 12%

• 22%

• 24%

For heads of households, what is the income range for the 22% tax bracket in 2023?

• $15,700 to $59,850

• $59,850 to $95,350

• $95,350 to $182,100

• $182,100 to $231,250

What is the tax rate for single filers with an income of $600,000 in 2023?

• 32%

• 35%

• 37%

• 24%

In 2023, what is the income range for the 32% tax bracket for single filers?

• $95,375 to $182,100

• $182,100 to $231,250

• $231,250 to $578,125

• $578,125 or more

What is a 403(b) plan designed for?

• For-profit organizations

• Non-profit organizations and certain government agencies

• Individual retirement savings

• Health insurance coverage

Approximately how many people are without health insurance?

• 10 million

• 20 million

• 30 million

• 40 million