Do you know how much you pay in Social Security tax each year? Did you know that you actually pay each time you receive a paycheck? Learn all about the Social Security system in the United States and find out how it benefits you by taking our quiz.
The United States Social Security system provides financial assistance to:
both of the above
The health insurance program that provides health care for the elderly is called:
Where does the money for Social Security come from?
social security tax
Which demographic factor is the main reason there are less social security funds available for payment to retirees than in the past?
increased life expectancy
increased birth rate
As of 2010, what percentage does the government take out of every working American's paycheck for Social Security taxes?
Which United States law sets the percent rate for withholding tax that is paid to Social Security and Medicare?
the Federal Insurance Contributions Statute
the Federal Insurance Contributions Law
the Federal Insurance Contributions Act
Which United States law governs the Social Security taxes paid by the self-employed?
the Self-Employment Contraband Act
the Self-Employment Retributions Act
the Self-Employment Contributions Act
If you overpay your Social Security tax during the year:
It will be returned to you.
It will not be returned to you.
You will receive a penalty.
The maximum amount of your income subject to Social Security tax is known as:
the Social Security Income Cap
the Social Security Income Base
the Social Security Wage Base
What is your combined income?
the total of all your sources of income and one-quarter of your Social Security benefits
the total of all your sources of income and half of your Social Security benefits
the total of all your sources of income and three-quarters of your Social Security benefits