ECONOMICS
FISCAL POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Taxes that come out of your paycheck include which ones?
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Social Security and Medicare taxes
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Social Security and Excise taxes
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Estate taxes and tariffs
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Sales and progressive taxes
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Explanation:
Detailed explanation-1: -Taxes under the Federal Insurance Contributions Act (FICA) are composed of the old-age, survivors, and disability insurance taxes, also known as social security taxes, and the hospital insurance tax, also known as Medicare taxes.
Detailed explanation-2: -Payroll tax rates Social Security – 6.2% Medicare – 1.45% Additional Medicare – 0.9% Unemployment – 6% (0.6% with full credit reduction)
Detailed explanation-3: -Income taxes in the U.S. are calculated based on tax rates that range from 10% to 37%. Taxpayers can lower their tax burden and the amount of taxes they owe by claiming deductions and credits.
There is 1 question to complete.