Social Security & Medicare Homework PDF

Name: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Date: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Period: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ [Section 5.5 Social Security & Medicare] [Directions]: Answer the following questions. Show ALL...

Name: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Date: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Period: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ [Section 5.5 Social Security & Medicare] [Directions]: Answer the following questions. Show ALL work. 1. Mr. Gumman got his first job in 1990. In that year, the government took out 7.45% of each income for Social Security and Medicare, until a person made \$51,300. If Mr. Gumman earned \$31,340 in 1990, how much did he pay to Social Security and Medicare? 2. In 1998 Lisa earned \$149,461.20. The Social Security maximum taxable income was \$68,400, and the Social Security percent was 6.2%. a. What was her monthly gross pay? b. In what month did Lisa hit the maximum taxable Social Security income? c. How much Social Security tax did Lisa pay in the month of May to the nearest cent? d. How much Social Security did Lisa pay in July to the nearest cent? 3. In 2008, the Social Security tax percentage was 6.2% for the first \$102,000 earned. The Medicare tax percentage was 1.45% of your entire salary. Darby made \$143,000 in 2008. a. How much did Darby pay in Social Security tax? b. How much did Darby pay in Medicare tax? 4. In 2015, Jerry's gross pay was \$78,000. The social security deduction was 6.2% with a maximum taxable income of \$118,500. a. What was his monthly gross pay? b. How much Social Security tax did Jerry pay in the month of January to the nearest cent. The following table gives a historical look at Social Security and Medicare taxes from 2000 -- 2010. Use this table for the following questions: 5. In 2010, for the first time since 2004 the maximum taxable income was not raised. Find the maximum a person could pay into Social Security for 2010. 6. Mr. Jackson had two jobs in 2005. The first job, in 7. In 2009, Mr. Kirmer's gross pay was \$381,318.60. a. What was his monthly gross pay? b. In what month did he hit the maximum taxable Social Security income? c. How much Social Security tax did he pay in February? Round to the nearest cent. d. How much Social Security tax did he pay in September? Round to the nearest cent. 8. Find the maximum a person could contribute to Social Security and Medicare in 2003.