In 2016, each individual's required contribution to Social Security was ________ percent of his or her first $118,500 of income.

Question

Quizplus · Accepted Answer

The given question is related to Social Security contributions. For the year 2016, an individual's required contribution to Social Security was 6.2 percent of his or her first $118,500 of income. Therefore, option C is the correct answer. Option A is incorrect as each individual is required to contribute a percentage of their income towards Social Security. Option B is incorrect because 1.45 percent is the Medicare tax contributed by the employee, which is in addition to the Social Security tax. Option D is incorrect as it is the sum of Social Security tax (6.2%) and Medicare tax (1.45%).

In 2016, Each Individual's Required Contribution to Social Security Was