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Social Security Taxes

This quiz will test your knowledge of Social Security taxes, including FICA, OASDI, and Medicare.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

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%
Question 2 Multiple Choice (Single Answer)

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)
Question 3 Multiple Choice (Single Answer)

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
Question 4 Multiple Choice (Single Answer)

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

  1. Retirement benefits
  2. Disability benefits
  3. Survivors benefits
  4. Health insurance benefits
Question 5 Multiple Choice (Single Answer)

What is the current rate of the OASDI tax?

  1. 4.2%
  2. 6.2%
  3. 8.2%
  4. 10.2%
Question 6 Multiple Choice (Single Answer)

What is the current rate of the Medicare tax?

  1. 1.45%
  2. 2.9%
  3. 4.35%
  4. 5.8%
Question 7 Multiple Choice (Single Answer)

Who is responsible for paying Social Security taxes?

  1. Employees only
  2. Employers only
  3. Both employees and employers
  4. Neither employees nor employers
Question 8 Multiple Choice (Single Answer)

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
Question 9 Multiple Choice (Single Answer)

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
Question 10 Multiple Choice (Single Answer)

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
Question 11 Multiple Choice (Single Answer)

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
Question 12 Multiple Choice (Single Answer)

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

  1. Retirement benefits
  2. Disability benefits
  3. Survivors benefits
  4. Unemployment benefits
Question 13 Multiple Choice (Single Answer)

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

  1. 62
  2. 65
  3. 67
  4. 70
Question 14 Multiple Choice (Single Answer)

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)
Question 15 Multiple Choice (Single Answer)

What is the website of the Social Security Administration?

  1. www.ssa.gov
  2. www.irs.gov
  3. www.dol.gov
  4. www.hhs.gov
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