If you earn less than $15,000,you probably pay more in social security taxes than in federal income taxes.

Question

Quizplus · Accepted Answer

Social security taxes are calculated as a percentage of your earnings up to a certain limit, while federal income taxes are calculated based on your taxable income after deductions and exemptions. Therefore, if you earn less than $15,000, your social security taxes are likely to be higher than your federal income taxes since you may be eligible for significant deductions and exemptions that reduce your taxable income.

If You Earn Less Than $15,000,you Probably Pay More in Social