Social Security and Medicare Answers

Determine the total annual FICA tax for an annual salary of $165,000. Use $106,800 for maximum taxable earnings. a. $901.41 b. $9,014.10 c. $1,262.25 d. $12,622.50 Please select the best answer from the choices provided

Henry is up for retirement after 35 long years at his pharmacy. Before retiring, he would like to know how much he would receive each month from Social Security if he were to retire. During his 35 years, Henry averaged an annual salary of $45,620. Assuming he would receive 42% of his annual average each year, how much can Henry expect to receive from Social Security on a monthly basis? a. $1,596.70 b. $1,916.04 c. $15,967.00 d. $19,160.40 Please select the best answer from the choices provided

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $56,010.a.Social Security tax: $347.26, Medicare tax: $81.22b.Social Security tax: $3,472.62, Medicare tax: $812.15c.Social Security tax: $662.16, Medicare tax: $81.22d.Social Security tax: $6,621.60, Medicare tax: $812.15

Determine the total annual FICA tax for an annual salary of $38,480. (FICA is 7.65%) a. $294.37 b. $717.96 c. $2,385.76 d. $2,943.72 Please select the best answer from the choices provided

Christina will be retiring next month from her job after 35 years as a school bus driver. Over the last 35 years, Christina’s annual salary averaged $22,040. She expects to receive some money each month from Social Security and plans to take the rest of the money she needs to pay the monthly bills from savings. Each month her bills total to about $1,375. Assuming her annual Social Security benefit will be 42% of her salary average, how much will she need to take from savings each month to help pay the bills?a.At least $771.40b.At least $603.60c.At least $629.71d.At least $1,722.08

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $235,430. Use $106,800 for maximum taxable earnings. a. Social Security tax: $1,459.67, Medicare tax: $341.37 b. Social Security tax: $14,596.66, Medicare tax: $3,413.70 c. Social Security tax: $662.16, Medicare tax: $341.37 d. Social Security tax: $6,621.60, Medicare tax: $3,413.70 Please select the best answer from the choices provided

Which of the following criteria would not make a person eligible to receive medicare benefits? a. The person is 65 years of age or older. b. The person has a terminal illness. c. The person has a qualifying disability. d. The person has end stage renal disease. Please select the best answer from the choices provided

Social Security offers all but which of the following benefits? a. retirement insurance b. home loans c. survivor insurance d. disability insurance Please select the best answer from the choices provided

Which of the following statements accurately describes the result of a decreasing worker-per-beneficiary ratio in the Social Security system?a.Fewer taxed workers than beneficiaries means that the system is collecting more money for the money being drawn out. This leaves money in the system and secures benefits for future beneficiaries.b.Fewer taxed workers than beneficiaries means that the system is collecting more money for the money being drawn out. This leaves a shortage of money in the system making benefits for future beneficiaries unsure.c.Fewer taxed workers than beneficiaries means that more money is being drawn from the system for the money put in. This leaves a shortage of money in the system making benefits for future beneficiaries unsure.d.Fewer taxed workers than beneficiaries means that more money is being drawn from the system for the money put in. This leaves money in the system and secures benefits for future beneficiaries.

One possible solution to a diminishing Social Security payroll is to decrease the Social Security benefit by 13%. How would such a decrease effect the benefits on a salary of $54,000? a.Benefit would decrease by $1,404 annually.b.Benefit would decrease by $7,020 annually.c.Benefit would decrease by $8,640 annually.d.Benefit would decrease by $15,660 annually.