Answer :
Social Security is applied to all wages up to the maximum taxable earnings. Medicare is applied to all wages without limit.
Social Security is a social insurance policy designed to help Americans who are retiring or who have become handicapped. Medicare is a social insurance program with the goal of providing health insurance to anyone 65 and older or who meet certain requirements.
There are 171 million workers that are reportedly insured by Social Security. The Social Security and Medicare programs, which offer benefits to seniors, the disabled, and children, are funded in part by FICA.
FICA taxes, which make up 15.3% of your wages, are a combination of Social Security and Medicare taxes. 7.65% of the overall cost is your responsibility; this comprises a 6.2% Social security tax and a 1.45% Medicare levy on your salary.
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