Suppose you land a job with Google right out of college.Your economics training is very valuable to them,so you receive a starting annual salary of $65,000.What is the total amount of social insurance taxes you will be responsible for after your first year of work?

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Quizplus · Accepted Answer

Social insurance taxes include Social Security and Medicare. The Social Security tax rate is 6.2% on income up to $160,200 (as of 2023), and the Medicare tax rate is 1.45% on all income. For a $65,000 salary, Social Security tax is $4,030 (6.2% of $65,000) and Medicare tax is $942.50 (1.45% of $65,000), totaling $4,972.50.

Suppose You Land a Job with Google Right Out of College.Your