Social Security taxes and Medicare taxes are paid by both the employer and the employee.

Question

Quizplus · Accepted Answer

Social Security taxes and Medicare taxes are split between the employer and the employee, with each responsible for paying a certain percentage of the tax. As of 2021, the employee portion of Social Security tax is 6.2% and the employer portion is also 6.2%, while the employee portion of Medicare tax is 1.45% and the employer portion is also 1.45%.

Social Security Taxes and Medicare Taxes Are Paid by Both