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Math Finance C06-L5

Wirtz Math Finance Chapter 6 Lesson 5

Social Security (C06L5 p316, 1.2) An insurance program available through the United States government that provides income to people who retire, become disabled, or who receive survivor's benefits.
FICA (C06L5 p316, 1.2) The Federal Insurance Contributions Act that established Social Security insurance.
FICA tax (C06L5 p316) Social Security and Medicare taxes both fall in this category; the money that an employee and employer contribute to Social Security and Medicare is used to pay current benefits to others.
Social Security tax (C06L5 p316) The amount of Social Security a worker pays depends on the Social Security percentage and the maximum taxable income for that year; the amount is split between the employee and the employer.
Medicare tax (C06L5 p316) The amount of tax an employee pays is a set percentage of the entire income with no maximum amounts; the amount paid is split between the employee and employer.
maximum taxable income (C06L5 p316) The maximum income on which a person must pay Social Security tax in a given year.
Social Security number (C06L5 p316) A unique, nine-digit number that identifies a resident of the United States; this number is used to keep track of social security taxes that are paid.
Created by: shelley.wirtz