In what year did Social Security taxation begin? ________________ FIN 3610 – Social Security Bonus Assignment NAME ______________________________________

In what year did Social Security taxation begin? ________________
FIN 3610 – Social Security Bonus Assignment NAME ______________________________________

This assignment is related to Social Security and is a tax that working individuals pay and employers match (or if self-employed, the worker pays both portions). Your textbook covers some information on Social Security (starting on page 376). Information on 2015 tax rates is found and explained on page 383, but in this assignment you are asked to answer the questions based on current tax rates found on the ssa.gov website. Please show all of your work and list any references that you use. Please place in the dropbox by Wednesday, June 28, 2017 at 11:00 p.m.

Please note that these questions cover both the traditional part of social security as well as Medicare that was added later. When the question asked for the amount of tax “in total”, both of these parts of these taxes are to be included.

Hint: You will find the information you need to answer this questions on the Social Security website. You may find other parts of the ssa.gov website helpful as well.
https://www.ssa.gov/OACT/COLA/cbb.html
https://www.ssa.gov/OACT/ProgData/taxRates.html and

1. In what year did Social Security taxation begin? ________________
2. In what year did Medicare taxation begin? ________________
3. If you earn $60,000 in 2017, how much in total will be paid into the Social Security system? _________________

4. Assume you earn $140,000 in 2017.
a. How much will YOU pay for the traditional Social Security tax? ________________
b. How much will you pay for the Medicare tax? _________________
c. How much will your employer pay in total on behalf of this income for both parts of the Social Security tax? _______________
d. How much in TOTAL is paid into the entire Social Security system on behalf of this income? ________________

5. Is the Social Security tax structure

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