Social Security Taxes
Presentation
•
Mathematics
•
7th Grade
•
Hard
Joseph Anderson
FREE Resource
3 Slides • 5 Questions
1
2
Earned Wages: The income you make from and employer
Gross Wages: ALL of the income you make before taxes and other deductions
Payroll Deductions: Items taken away from your gross wages. Insurance, Social Security Tax, Medicare Tax, etc.
Pay Period: How often you are paid. Example-weekly, biweekly, semi-monthly, monthly
Withholding Allowance: A portion that is excluded from taxable wages based on claiming yourself and dependents you support
3
Taxable Wages: Wages that are left once the withholding allowance is calculated. b
Social Security Tax: A government based retirement system set up by President Roosevelt in 1935
Medicare Tax: A government based medical insurance system set up by President Johnson in 1965
FICA: Federal Insurance Contributions Act which requires all employers to pay social security tax and Medicare tax
Federal Income Tax: Collected by the US government to fund the business of the government
4
Open Ended
Amelia earns $540 in a biweekly pay period. She has one withholding allowance. The withholding allowance exempts $3800 annually from income tax. What is her taxable income for the year? What is her taxable income for each pay period (Round to the nearest cent)?
5
Open Ended
Suppose you are offered a job that pays $59000 annually and that you have one withholding allowance of $3800. What amount is taxable?
6
Open Ended
Suppose you are offered a job that pays $59000 annually and that you have one withholding allowance of $3800. What is the amount of Federal Income Tax if the rate is $4867.50 plus 25%?
7
Multiple Choice
Dr. Josef Young earns an adjusted gross weekly income of $2435. The Social Security Tax is 6.2%. How much is withheld?
$15097
$150.97
$138.42
$1384.20
8
Multiple Choice
Dr. Josef Young earns an adjusted gross weekly income of $2435. The Medicare Tax is 1.45%. How much is withheld?
$3530.75
$353.08
$35.31
$1384.20
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