Social Security Taxes

Description: This quiz will test your knowledge of Social Security taxes, including FICA, OASDI, and Medicare.
Number of Questions: 15
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Tags: social security fica oasdi medicare
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What is the combined rate of Social Security taxes for employees and employers?

  1. 6.2%

  2. 12.4%

  3. 15.3%

  4. 18.4%


Correct Option: B
Explanation:

The combined rate of Social Security taxes is 12.4%, with 6.2% paid by employees and 6.2% paid by employers.

Which of the following is not a component of Social Security taxes?

  1. Old-Age, Survivors, and Disability Insurance (OASDI)

  2. Medicare

  3. Unemployment Insurance

  4. Hospital Insurance (HI)


Correct Option: C
Explanation:

Unemployment Insurance is not a component of Social Security taxes. OASDI, Medicare, and HI are all components of Social Security taxes.

What is the maximum amount of earnings subject to Social Security taxes in 2023?

  1. $147,000

  2. $160,200

  3. $177,000

  4. $195,000


Correct Option: B
Explanation:

The maximum amount of earnings subject to Social Security taxes in 2023 is $160,200.

Which of the following is not a benefit of Social Security?

  1. Retirement benefits

  2. Disability benefits

  3. Survivors benefits

  4. Health insurance benefits


Correct Option: D
Explanation:

Health insurance benefits are not a benefit of Social Security. Retirement benefits, disability benefits, and survivors benefits are all benefits of Social Security.

What is the current rate of the OASDI tax?

  1. 4.2%

  2. 6.2%

  3. 8.2%

  4. 10.2%


Correct Option: B
Explanation:

The current rate of the OASDI tax is 6.2%.

What is the current rate of the Medicare tax?

  1. 1.45%

  2. 2.9%

  3. 4.35%

  4. 5.8%


Correct Option: A
Explanation:

The current rate of the Medicare tax is 1.45%.

Who is responsible for paying Social Security taxes?

  1. Employees only

  2. Employers only

  3. Both employees and employers

  4. Neither employees nor employers


Correct Option: C
Explanation:

Both employees and employers are responsible for paying Social Security taxes.

What is the purpose of Social Security taxes?

  1. To fund Social Security benefits

  2. To fund Medicare benefits

  3. To fund both Social Security and Medicare benefits

  4. To fund other government programs


Correct Option: C
Explanation:

Social Security taxes are used to fund both Social Security benefits and Medicare benefits.

When are Social Security taxes due?

  1. When you file your income tax return

  2. When you receive your Social Security benefits

  3. When you reach retirement age

  4. When you become disabled


Correct Option: A
Explanation:

Social Security taxes are due when you file your income tax return.

What is the penalty for not paying Social Security taxes?

  1. A fine

  2. Imprisonment

  3. Both a fine and imprisonment

  4. None of the above


Correct Option: C
Explanation:

The penalty for not paying Social Security taxes is both a fine and imprisonment.

What is the maximum amount of earnings subject to the Medicare tax in 2023?

  1. $200,000

  2. $250,000

  3. $300,000

  4. $350,000


Correct Option: A
Explanation:

The maximum amount of earnings subject to the Medicare tax in 2023 is $200,000.

Which of the following is not a type of Social Security benefit?

  1. Retirement benefits

  2. Disability benefits

  3. Survivors benefits

  4. Unemployment benefits


Correct Option: D
Explanation:

Unemployment benefits are not a type of Social Security benefit. Retirement benefits, disability benefits, and survivors benefits are all types of Social Security benefits.

What is the age at which you can start receiving full Social Security retirement benefits?

  1. 62

  2. 65

  3. 67

  4. 70


Correct Option: C
Explanation:

The age at which you can start receiving full Social Security retirement benefits is 67.

What is the name of the government agency that administers Social Security?

  1. Social Security Administration (SSA)

  2. Internal Revenue Service (IRS)

  3. Department of Labor (DOL)

  4. Department of Health and Human Services (HHS)


Correct Option: A
Explanation:

The Social Security Administration (SSA) is the government agency that administers Social Security.

What is the website of the Social Security Administration?


Correct Option: A
Explanation:

The website of the Social Security Administration is www.ssa.gov.

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