What are the differences between Social Security and Medicare taxes?
An example of an AI chatbot conversation about Social Security and Medicare taxes differences.
What are the differences between Social Security and Medicare taxes?
Social Security taxes fund retirement, disability, and survivor benefits, while Medicare taxes fund health insurance for seniors.
How are the tax rates for Social Security and Medicare determined?
Social Security tax is typically 6.2% of wages, while Medicare tax is 1.45%. There are additional rates for high earners.
Do both taxes apply to all types of income?
No, Social Security taxes apply to earned income up to a certain limit, while Medicare taxes apply to all earned income.
What happens if I overpay these taxes?
If you overpay, you can claim a refund when you file your tax return, or it may be credited towards future benefits.
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