FICA Taxes Quiz

What are the two components of FICA taxes?

• Income tax and property tax

• Social Security tax and Medicare tax

• Sales tax and excise tax

• Capital gains tax and estate tax

What is the total Social Security tax rate for both employees and employers?

• 6.2%

• 7.65%

• 12.4%

• 15.3%

What is the maximum income subject to Social Security tax in 2022?

• $100,000

• $200,000

• $147,000

• $250,000

What is the total Medicare tax rate for both employees and employers?

• 3.8%

• 2.9%

• 0.9%

• 1.45%

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

• $250,000

• $150,000

• $100,000

• $200,000

How much would a non-high-income earner pay in total FICA taxes if they earn $44,278?

• $2,745.24

• $6,200.00

• $1,450.00

• $3,387.27

What is the Social Security tax rate for self-employed individuals?

• 6.2%

• 7.65%

• 12.4%

• 15.3%

What is the Medicare tax rate for self-employed individuals?

• 1.45%

• 2.9%

• 3.8%

• 0.9%

Do self-employed individuals have a tax cap for Medicare taxes?

• Yes, at $147,000

• No, there is no cap

• Yes, at $200,000

• Yes, at $250,000

What additional tax applies to self-employed individuals earning over $200,000?

• 0.9% additional Medicare tax

• 1.5% additional Social Security tax

• 2% additional income tax

• No additional tax