As of 2016, social insurance tax on a typical worker’s income is calculated as ___ of the worker’s pretax paycheck amount. Only ____ of that amount is actually deducted from the worker’s paycheck. The other ____ is paid by the employer. Self-employed individuals, however, must pay the full ____ themselves. For Social Security, though not for Medicare, the amount of income taxed is capped. The cap for 2016 is ____. Answer Choices: 5.1% 7.65% 10.2% 15.3% $118,000 $125 $133 700 900

As of 2016, social insurance tax on a typical worker’s income is calculated as _ of the worker’s pretax paycheck amount. Only of that amount is actually deducted from the worker’s paycheck. The other is paid by the employer. Self-employed individuals, however, must pay the full themselves. For Social Security, though not for Medicare, the amount of income taxed is capped. The cap for 2016 is __. Answer Choices: 5.1% 7.65% 10.2% 15.3% $118,000 $125 $133 700 900

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter11: Fiscal Policy And The Federal Budget

Section11.1: The Federal Budget

Problem 2ST

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