How much will you pay for traditional social security tax

Assignment Help Finance Basics
Reference no: EM131546524

Social Security Bonus Assignment

This assignment is related to Social Security and is a tax that working individuals pay and employers match (or if self-employed, the worker pays both portions). Your textbook covers some information on Social Security (starting on page 376). Information on 2015 tax rates is found and explained on page 383, but in this assignment you are asked to answer the questions based on current tax rates found on the ssa.gov website. Please show all of your work and list any references that you use. Please place in the dropbox by Wednesday, June 28, 2017 at 11:00 p.m.

Please note that these questions cover both the traditional part of social security as well as Medicare that was added later. When the question asked for the amount of tax "in total", both of these parts of these taxes are to be included.

Hint: You will find the information you need to answer this questions on the Social Security website. You may find other parts of the ssa.gov website helpful as well.

1. In what year did Social Security taxation begin?

2. In what year did Medicare taxation begin?

3. If you earn $60,000 in 2017, how much in total will be paid into the Social Security system?

4. Assume you earn $140,000 in 2017.

a. How much will YOU pay for the traditional Social Security tax?

b. How much will you pay for the Medicare tax?

c. How much will your employer pay in total on behalf of this income for both parts of the Social Security tax?

d. How much in TOTAL is paid into the entire Social Security system on behalf of this income?

5. Is the Social Security tax structure progressive, regressive, or proportional? Please explain your answer.

Reference no: EM131546524

Questions Cloud

Which of the given describes the basic function of money : Which of the following describes the basic function of money? When it is a mean of paying for goods and services and discharging debts, money is referred to as.
Calculate the present value of received five years : Calculate the present value of $6,000 received five years from today if your investments pay
Compute the break-even point of sleeping bag in units sold : Compute the break-even point of the sleeping bag in units sold. What would be the total revenue at the break-even point?
What is the average amount of receivables : What is the days sales outstanding? What is the average amount of receivables?
How much will you pay for traditional social security tax : How much will YOU pay for the traditional Social Security tax? How much in TOTAL is paid into the entire Social Security system on behalf of this income?
The purchasing agent of large geotechnical testing firm : The purchasing agent of a large geotechnical testing firm is trying to decide whether to buy high carbon steel or carbide-tipped drilling tools
Describe your experience in assessing and managing patient : Briefly describe a patient who presented with a dermatologic disorder.
Conduct an interview with a person of interest to you : Conduct an interview with a person of interest to you. It can be a classmate, a teacher, a politician or anyone else.
Describe the function it performs : Eukaryotes and prokaryotes contain three different types of RNA. Describe the structure of RNA.

Reviews

Write a Review

Finance Basics Questions & Answers

  Financial reporting and analysis

Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..

  A report on financial accounting

This report is specific for a core understanding for Financial Accounting and its relevant factors.

  Describe the types of financial ratios

Describe the types of financial ratios and other financial performance measures that are used during venture's successful life cycle.

  Differences between sole proprietorship and corporation

Briefly describe the major differences between a sole proprietorship and a corporation

  Prepare a cash budget statement

Calculate the expected value of the apartment in 20 years' time. What is the mortgage loan repayment at the beginning of each month

  What are the implied interest rates

What are the implied interest rates in Europe and the U.S.?

  State pricing theory and no-arbitrage pricing theory

State pricing theory and no-arbitrage pricing theory

  Small business administration

Identify the likely stage for each venture and describe the type of financing each venture is likely to be seeking and identify potential sources for that financing.

  Effect of financial leverage

The Effect of Financial Leverage and working capital management

  Evaluate the basis for the payment to the lender

Evaluate the basis for the payment to the lender and basis for the payment to the company-counterparty.

  Importance of opps, ipps, mpfs and dmepos

Research and discuss the differences and importance of : OPPS, IPPS, MPFS and DMEPOS.

  Time value of money

Time Value of Money project

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd