Ben and Jack both earned $60,000 this year.Ben (age 30)is married with two children,and Jack (age 68)is single with no dependents.Which of the following is true regarding the amount of Social Security taxes they will pay?

Question

Quizplus · Accepted Answer

Both Ben and Jack will pay the same amount of Social Security taxes because the amount of Social Security taxes one pays is based on their earned income, regardless of marital status or number of dependents. The Social Security tax rate is 6.2% on wages up to $142,800 in 2021, so they will both pay $3,720 in Social Security taxes. Additionally, the fact that Jack is over 65 does not affect the amount of Social Security taxes he pays.

Ben and Jack Both Earned $60,000 This Year