1. The original Social Security tax rate was _____ of taxable earnings. Answer:   A.    10%     B.    1%     C.    5%     D.    7% 2. The 2021 Social Security wage base is _____. Answer:   A.    $100,000     B.    $113,700     C.    $125,000     D.    $142,800 3.  What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer:   A.    $117,000     B.    $125,000     C.    $200,000     D.    $250,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. The original Social Security tax rate was _____ of taxable earnings.



Answer:  
A.  
 10%
 
 
B.  
 1%
 
 
C.  
 5%
 
 
D.  
 7%
2. The 2021 Social Security wage base is _____.



Answer:  
A.  
 $100,000
 
 
B.  
 $113,700
 
 
C.  
 $125,000
 
 
D.  
 $142,800
3.  What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax?



Answer:  
A.  
 $117,000
 
 
B.  
 $125,000
 
 
C.  
 $200,000
 
 
D.  
 $250,000
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