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End of Semester Test: Personal Finance
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Drag each tile to the correct box.
Match each tax to how it is computed.
State income tax
Federal income tax
Social security
Medicare
depends on a tax bracket system
varies by location
6.2% of gross earnings
1.45% of gross earnings
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Answer :

GinnyAnswer

Final answer:

Explanation of how federal income tax, state income tax, social security, and Medicare are calculated.


Explanation:

Federal income tax: Depends on a tax bracket system. It is calculated based on different income levels.

State income tax: Varies by location. The percentage deducted can differ based on the state of residence.

Social security: 6.2% of gross earnings. This tax is a fixed percentage of income up to a certain limit.

Medicare: 1.45% of gross earnings. It is a set percentage of earnings for all individuals.


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