An athlete making $7,000,000 pays 6.2% on the full $7,000,000 in Social Security taxes.

Name: An athlete making $7,000,000 pays 6.2% on the full $7,000,000 in Social Security taxes.
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Question

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Social Security taxes are only applied up to a certain income limit, which is adjusted annually. In 2023, the maximum income subject to Social Security taxes is $160,200, not the full $7,000,000.

An Athlete Making $7,000,000 Pays 6