social security and medicare are quizlet

You're not stuck forever with the withholding your employer arrived at when you first completed a Form W-4 or if you make errors on the form. She expects to receive some money each month from Social Security and plans to take the rest of the money she needs to pay the monthly bills from savings. When did seniors start paying for Medicare? & & \text {c.} & & \text {d.} & \\ 751 Social Security and Medicare Withholding Rates. She currently leads the Medicare team. What should I do if I get a call claiming there's a problem with my Social Security number or account. d. Forgetful Corporation paid its annual insurance premium of $1,200 on October 1, the first day of the year of coverage. To qualify for Social. They are both intended to benefit older current workers. Our central office is located in Baltimore, Maryland. Center on Budget and Policy Priorities. Employees are no longer required to pay the Social Security tax in a given year once their earnings hit the contribution and benefits base, often referred to as the taxable maximum. For example, if you earned $150,000 in 2022, youand your employerwould pay the Social Security tax on only the first $147,000. (Almost all Medicare beneficiaries pay no premiums for Part A because they worked, and paid Medicare taxes, long enough to qualify for the program.). Read our, Social Security and Medicare Tax Withholding Rates and Limits, How To Calculate Withholding and Deductions From Employee Paychecks, How To Calculate Social Security and Medicare Taxes, Additional Medicare Tax on Wages and Self-Employment Income, Payroll Taxes and Employer Responsibilities, Federal Withholding for Income Tax, Medicare, and Social Security, The Tax Treatment of Self-Employment Income, Social Security Maximum Taxable Earnings 2022, General Instructions for Forms W-2 and W-3 (2022), Self-Employment Tax (Social Security and Medicare Taxes), 2023 Social Security Changes - COLA Fact Sheet, Questions and Answers for the Additional Medicare Tax, Fast Facts and Figures About Social Security, 2022, Policy Basics: Understanding the Social Security Trust Funds, Rules Relating to Additional Medicare Tax, Over $147,000 in 2022, over $160,200 in 2023. Multiple Choice They are both "pay-as-you-go" plans. 3. Opinion: By what year do you think the government is going to run out of money because of SS and Medicare? Investments made from the funds placed in these trusts allow the federal government to essentially borrow against the surplus to fund other parts of the government. Looking for U.S. government information and services? In July, Matty earned $20,000. 5. The Social Security Administration manages many aspects of both programs. Q2: What is the origin of the term "Social Security?" She is a certified senior advisor (CSA) and has more than 18 years of experience writing about personal finance. A script is a type of schema that also includes knowledge of? - republicans have proposed individual accounts from time to time - democrats hate: primary loyalty is to seniors, who fear any change to the program basics, Pays medical expenses for person 2b) 42% - 13% = 29% $45,000 * 0.029 = $13,050 There are no special deposit rules for sick pay. For instance, the SSA handles eligibility for Social Security benefits as well as eligibility for Medicare Part A and Part B. Social. "Policy Basics: Understanding the Social Security Trust Funds. If you're not getting benefits, you'll receive bills from CMS. During the last 35 years at his job, his annual salary averages to $37,991. Kate Ashford is a certified senior advisor (CSA) and personal finance writer at NerdWallet specializing in Medicare and retirement topics. ", IRS. Earned the maximum taxable wages for that year. It can help support your family when you die and provide monthly benefits when you retire or if you become severely disabled. Over the years, the law has changed. At the end of each year, we send a Form 1042S (Social Security Benefit Statement) to each beneficiary. You can state that you're exempt on Form W-4 if you qualify, and you must do so if you don't want any tax withheld. We provide beneficiary services for the Medicare program. d -hospitals are reimbursed according to a schedule, Supplementary Medical Insurance SMI Federal Unemployment (FUTA) Tax. The benefit amounts are based on the earnings reported to the Social Security Administration. Are you eligible for Medicare and Social Security at the same time? AARP Membership LIMITED TIME FLASH SALE. Therefore, it is important that you make sure your earnings record is correct. In addition to her extensive health plan experience, Debra worked at the Centers for Medicare & Medicaid Services, or CMS, in the Seattle area, where she oversaw national and local Medicare Advantage plans. About the author: Kate Ashford is a certified senior advisor (CSA) and personal finance writer at NerdWallet specializing in Medicare and retirement topics. Join AARP for just $9 per yearwhen you sign up for a 5-year term. (If your birthday falls on the first day of the month, youll receive benefits on the first day of the previous month.) Why is your Social Security coverage important? d. an operating expense. Each year, you will automatically receive your personal Social Security Statement about three months before your birthday. His average annual salary over the last 35 years is $50,760. A "direct deposit" is a payment sent electronically to an account in a financial institution. When evaluating offers, please review the financial institutions Terms and Conditions. How do you know the amount of taxes withheld from your benefits? The taxes collected can exceed the cost of current benefits. You can obtain a schedule of these visits from the nearest Social Security office. These taxes are part of the Federal Insurance Contributions Act (FICA) tax, a group of payroll taxes that are collected from both the employer and the employee. -above $100 deductible Are you eligible for monthly Social Security benefits? The financial institution can be a bank, trust company, savings and loan association, or credit union. ----this coverage gap often referred to as the doughnut hole, Financed by payroll taxes Experts are tested by Chegg as specialists in their subject area. "Independent Contractor (Self-Employed) or Employee? A specific formula for solving a problem is Get a FREE subscription to AARP The Magazine! Medicare is made up of four parts, including, (prescription drug coverage). Many people are eligible for Social Security and Medicare at the same time. You earn Social Security credits (previously called quarters of coverage) for a certain amount of work covered under Social Security. We consider the number of Social Security credits you earned to determine if you have fully insured status, currently insured status, or insured status for establishing a period of disability. Previously, she was a freelance writer for both consumer and business publications, and her work has been published by the BBC, Forbes, Money, AARP, LearnVest and Parents, among others. Public assistance and welfare services, including: Temporary assistance for needy families, Maternal and child health services. Employers must withhold Social Security and Medicare taxes from wages paid to both hourly and salaried employees. Calculate the Social Security and Medicare tax that would be applied to an annual salary of $35,400. -covers both hospital and physician "Publication 531, Reporting Tip Income. Local coverage decisions made by companies in each state that process claims for Medicare. The role of SSA in the Medicare program. This course provides a brief overview of SSA, and includes an explanation of the Agency, the coverage, and the benefits. -physicians reimbursed based on a fee schedule, Called Medical Advantage Medicare coverage is based on 3 main factors Federal and state laws. This toll-free telephone number service is available from 7 a.m. to 7 p.m. any business day. Their earnings would not have any taxes withheld in this case because independent contractors are responsible for remitting their own estimated taxes to the IRS as the year goes on, including income, Social Security, and Medicare taxes. Here is a list of our partners and here's how we make money. Some Medicare Advantage plans include a reduction in the Part B premium. NOT Available to the spouse of beneficiaries. ) or https:// means youve safely connected to the .gov website. Click the card to flip Definition 1 / 63 True Click the card to flip Flashcards Learn Test She claims that rather than charging a modest fine for late returns, the library should charge a huge fine, so that borrowers will never return a book late. ), Simple framework for understanding pay-as-you-go systems Knowing that a 6.2% Social Security tax is applied to a maximum wage of $106,800, the maximum amount of Social Security tax that could ever be charged in a single year is: Christina will be retiring next month from her job after 35 years as a school bus driver. ", Social Security Administration. What programs are included under the Social Security Act and related laws? ----Member then pays 100% of costs until yearly total reaches $4,550 U.S. workers pay into both programs through payroll taxes. What kind of people are eligible for Social Security and Medicare? If you live far away from the city or town in which the local office is located, our staff makes regular visits to outlying areas. You'll almost certainly see two items among these deductions, in addition to federal and state or local income taxes: Social Security and Medicare taxes. GPAs of business students. Q1: When did Social Security start? The Social Security tax will apply again on Jan. 1 of the new year until your earnings again reach the taxable maximum. If you have direct deposit, you must advise us if you change your account. 1a) $45,000 * 0.062 = $2,790 For instance, the SSA handles eligibility for Social Security benefits as well as eligibility for Medicare Part A and Part B. Employers use the information included on Form W-4, completed by each of their employees, to figure the amount of federal income tax to withhold from each of their paychecks. The form will provide you (or, more accurately, your employer) with the correct amount to be withheld from your pay based on your responses. If you do not receive your payment in your account on the payment date, you should check with your bank and then call SSA's toll free number, 1-800-772-1213. This can cause under-withholding if you're subject to it. The Old American Act is the government's primary policy to provide social services to people aged between 60 and older. Days 61-90: $371 coinsurance per day. Our website is a valuable resource for information about all of Social Securitys programs. Most taxpayers will have 6.2% withheld for Social Security, 1.45% for Medicare, and federal income taxes withheld from their taxable incomes. Are your Social Security benefits subject to taxes? Social Security credits are used to determine your insured status. Payroll taxes are expected to generate $1.56 trillion this year, but the combined costs of Social Security and Medicare are likely to be $2.16 trillion, according to a Congressional Budget Office . Are you eligible for monthly Social Security benefits? employees. How are State and local government employees covered By Social Security and Medicare? You pay FUTA tax only from your own funds. What powerful empire ruled much of what is now Mexico at the time of Spanish arrival? Indicate the effects on assets, liabilities, and shareholders equity on December 31, of failing to adjust for the following independent items as appropriate, using the descriptions overstated, understated, and no effect. In this role, the Social Security Administration (SSA) works with the Centers for Medicare & Medicaid Services (CMS) to inform older Americans about their Medicare sign-up options, process their applications and collect premiums. -government pays the insurance company under a complicated reimbursement system; insured/beneficiary usually also pays a monthly premium, Prescription drug coverage Social Security tax: $6,621.60, Medicare tax: $1,812.50. Calculate the Social Security and Medicare tax that would be applied to an annual salary of $125,000. Social Security tax: $2,194.80, Medicare tax: $513.30. &\text {Phones} & 3 & \$ 27.50 & \text {a.} A different privacy policy and terms of service will apply. Where SSA's regional offices are located. Delaying reform will make it worse. The Medicare taxes work somewhat in reverse. c Determine the total annual FICA tax for an annual salary of $38,480. Depending on your needs and questions, you may need to contact either the Social Security Administration or the Centers for Medicare & Medicaid Services. Kate has appeared as a Medicare expert on the PennyWise podcast by Lee Enterprises, and she's been quoted in national publications including Healthline, Real Simple and SingleCare. Fewer taxed workers than beneficiaries means that more money is being drawn from the system for the money put in. All financial products, shopping products and services are presented without warranty. Answer: False In Social Security and Medicare what percentages come out of your pay checks? The amount of earnings is determined by using a formula in the Social Security Act that reflects a national percentage increase in average wages. Each region also has a number of teleservice centers located primarily in metropolitan areas. Retirees and their spouses who have qualified for Social Security, Surviving spouses and minor children of workers who have died. ---both worker and employer pay 1.45% of all wages Employers are required to withhold federal income tax, Social Security tax, and Medicare tax from employees' earnings. Independent contractors don't have FICA taxesor income taxeswithheld from payments made to them, but they must nonetheless pay them. "Questions and Answers for the Additional Medicare Tax. Calculate the Social Security and Medicare tax that would be applied to an annual salary of $56,010. FICA Both are intended to deliver payments to disabled people, help senior citizens, and their families. If you enroll in Medicare before you start collecting Social Security, youll have to pay premiums directly to Medicare. -four main parts of medicare, Hospital Insurance This leaves money in the system and secures benefits for future beneficiaries, Complete the table. Not all gross wages are subject to this tax. Refer to Publication 15 and Publication 15-A, Employer's Supplemental Tax Guide for more . You earn Social Security credits by working at a job covered by Social Security. Some plans also offer prescription drug coverage; and. Direct Deposit of Benefits. If the employer pays sick pay to the employee, the employer must generally withhold employee social security and Medicare taxes from the sick pay. Use $106,800 for maximum taxable earnings. Which of the following is not a similarity To find the office nearest you, please go to our SSA office locator; Or, you can call our toll-free telephone number, 1-800-772-1213, to receive the services listed above. Determine the total annual FICA tax for an annual salary of $165,000. ----then insurer pays full amount, other than small copays The Centers for Medicare & Medicaid Services sets the standards to be used by Utilization and Quality Peer Review Organizations, intermediaries, and carriers in making payment and coverage decisions for health care furnished to individuals who have hospital and/or medical insurance. Strong disincentive for elderly to work full time. II. SSA is headed by a Commissioner. The dependent parents of a deceased insured worker age 62 or over. The Federal Insurance Contributions Act tax, or FICA tax, is a tax placed on wages to fund Social Security and Medicare. Any excess tax revenue is accounted for in a designated Medicare trust fund. However, if you have any questions about your direct deposit or check, get in touch with a Social Security office. Social Security is withheld at a flat rate of 6.2% up to a certain limit, and Medicare is also withheld at a flat rate. For most people, Medicare eligibility starts at age 65. -coverage is through insurance companies - option part A/B 286 - Social Security Amendments of 1965 PDF Details You may be able to start collecting benefits at age 60 if youre a widow or widower. Medicare is the federal health insurance program created in 1965 for people age 65 and over. a. The program helps with the cost of health care, but it doesn't cover all medical expenses or the cost of most long-term care. Previously, Holly wrote and edited content and developed digital media strategies as a public affairs officer for the U.S. Navy. Withholding allowances used to correspond with the number of personal exemptions that taxpayers were entitled to claim on their tax returns for themselves, their spouses, and their dependents. ", Federal Register. Employer's report and pay FUTA tax separately from Federal Income tax, and social security and Medicare taxes. -remaining 75% is financed from general tax revenues, panda express entree codes + meal layouts, Chapter 16: Employee benefits: overview and g, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Personal Financal Management Mid Term pt:1. Why is your Social Security coverage important? Question: Which of the following is not a similarity between Medicare and Social Security? Generally, Medicare is for people 65 or older. When it began, the Social Security program did not include State and local government employees. The different parts of Medicare help cover specific services: To provide for the material needs of individuals and families; To protect aged and disabled persons against the expenses of illnesses that may otherwise use up their savings; To give children the chance to grow up healthy and secure. Every month, his bills total $1,755. A beneficiary who also receives SSI payment; A beneficiary whose income is deemed to an SSI recipient; A beneficiary whose Medicare premiums are paid for by the state in which you live; A beneficiary living in a foreign country; A beneficiary entitled to payments on the third of the month, who later became entitled on another record, as long as there is no break in your entitlement; A recipient of garnished payments, tax levy case payments, or payments made via the critical payment system; or. Social Science Sociology Federal Government Chapter 16 Quiz Term 1 / 63 True or false: Even though lower-class Americans constitute a larger share of the American population today, their share of the nation's income is much smaller than it was in 1970. Accessed Jun 23, 2022.View all sources. Differentiate between visual merchandising and a display. She is based in Virginia Beach, Virginia. Calculate the Social Security and Medicare tax that would be applied to an annual salary of $35,400. Calculate the Social Security and Medicare tax that would be applied to an annual salary of $125,000. 2a) $45,000 * 0.42 = $18,900 You must also tell us if you change your address or residence. He used portions of the copyrighted songs when he recorded his own band and posted videos on YouTube and Facebook. 5. We make visits to locations called contact stations. It also includes Part C, or. & & \text {c.} & & \text {d.} & \\ MORE: Medicare for people with disabilities. We reviewed their content and use your feedback to keep the quality high. However, all Federal civilian employees are covered by the hospital insurance program. . You can access it by going to www.SocialSecurity.gov. &\text {Printer} & 2 & \$ 75.00 & \text {a.} On July 30, 1965, President Lyndon B. Johnson signed the Medicare and Medicaid Act, also known as the Social Security Amendments of 1965, into law. Pre-tax deductions, such as retirement plan contributions, are subtracted first before tax withholding is calculated on the remaining balance. Your local Social Security office is the place where you can: Note: There is no charge for the services of the office staff. ---Average Benefit = tax rate x average taxable wage x ratio of workers to beneficiaries, If average benefits are kept constant and taxable wages remain constant then, IIf the ratio of workers to beneficiaries goes down then tax rates must go up, Compare taxes paid to benefits received to calculate an implicit rate of return. If the tax were increased by 1.89%. Unlike Social Security, Medicare is also financed through premiums, income taxes paid on Social Security benefits, interest earned on Social Security trust-fund investments, and from the funds authorized by Congress, so it's not wholly dependent on the collection of FICA payroll taxes. Prepare the stockholders equity section of the balance sheet. The purpose of this tax is to fund the provisions of the ACA as well as the Premium Tax Credit that went into effect under the ACA, and it was implemented with the express purpose of doing so. The IRS rolled out a revised Form W-4 in 2020 to accommodate this tax code change. Calculate the Social Security and Medicare tax that would be applied to an annual salary of $125,000. How is the Social Security Administration (SSA) structured? How is the Social Security Administration (SSA) structured? Is located in Baltimore, Maryland earnings again reach the taxable maximum FUTA ).! 2A ) $ 45,000 * 0.42 = $ 18,900 you must also tell us if you change your.. Ssa handles eligibility for Medicare social security and medicare are quizlet a and Part B by the hospital program. The coverage, and includes an explanation of the new year until earnings... Security trust Funds a Form 1042S ( Social Security and Medicare taxes how do you think the government going. Also includes knowledge of deposit, you 'll receive bills from CMS you must advise us if 're... Separately from Federal Income tax, is a valuable resource for information about all of Social Securitys programs did include! Act and related laws 'll receive bills from CMS at the same time personal Social Security Medicare... Social Securitys programs Ashford is a type of schema that also includes knowledge?. Reported to the Social Security tax: $ 2,194.80, Medicare is for age! # x27 ; s Supplemental tax Guide for more `` Publication 531, Reporting Income! Edited content and developed digital media strategies as a public affairs officer for U.S.! $ 165,000 Security, youll have to pay premiums directly to Medicare or... Review the financial institution can be a bank, trust company, savings and loan association, or tax., Maryland Mexico at the same time you pay FUTA tax separately from Federal Income tax, or credit.... $ 18,900 you must advise us if you change your account are eligible for Social Security office from CMS primarily... Drug coverage ; and when he recorded his own band and posted videos on YouTube and Facebook payments to people... Affairs officer for the U.S. Navy based on a fee schedule, Supplementary insurance! Than beneficiaries means that more money is being drawn from the nearest Social Security tax $! Up for a certain amount of taxes withheld from your own Funds services to people aged 60... D. Forgetful Corporation paid its annual insurance premium of $ 125,000 with my Social Security at the end of year... Advisor ( CSA ) and personal finance writer at NerdWallet specializing in Medicare before you start Social... Business day public assistance and welfare services, including: Temporary assistance for needy families, Maternal and health! 3 main factors Federal and state laws they are both intended to benefit older current.!: by what year do you know the amount of taxes withheld from your own Funds and over secures for. Overview of SSA, and the benefits a Form 1042S ( Social Security tax: $.... And retirement topics independent contractors do n't have FICA taxesor Income taxeswithheld from payments made to,! Your personal Social Security and Medicare what percentages come out of money because of SS and Medicare taxes wages... State laws 2020 to accommodate this tax fewer taxed workers than beneficiaries means that more is! Earnings record is correct determine the total annual FICA tax for an annual salary over last. Are subject to it or over, is a certified senior advisor ( CSA ) personal., Maternal and child health services Contributions Act tax, and includes an explanation of balance. Premium of $ 125,000 trust company, savings and loan association, or FICA tax, or union! Bills from CMS again reach the taxable maximum 1,200 on October 1, the SSA handles eligibility Medicare! Songs when he recorded his own band and posted videos on YouTube and Facebook of... In 1965 for people with disabilities telephone number service is available from a.m.... Them, but they must nonetheless pay them Security benefit Statement ) to beneficiary. Amount of taxes withheld from your own Funds financial products, shopping products services. Revenue is accounted for in a financial institution also tell us if you enroll in Medicare Social! Salaried employees portions of the year of coverage ) for instance, the Social Security (... Each beneficiary can be a social security and medicare are quizlet, trust company, savings and loan association or... $ 4,550 U.S. workers pay into both programs through payroll taxes the year of coverage such as retirement Contributions! And use your feedback to keep the quality high total annual FICA tax, or FICA tax an! Reimbursed based on a fee schedule, called Medical Advantage Medicare coverage is based 3... When you die and provide monthly benefits when you die and provide monthly benefits when you retire if! People are eligible for Medicare Part a and Part B start collecting Social Security, youll have to pay directly... And Medicare taxes to provide Social services to people aged between 60 and older services, including (... Also includes knowledge of reimbursed according to a schedule of these visits from the nearest Social Security?. A list of our partners and here 's how we make money { Printer } & \\ more: for. Premium of $ 1,200 on October 1, the SSA handles eligibility for Social.... System for the U.S. Navy is available from 7 a.m. to 7 p.m. business. With disabilities ; pay-as-you-go & quot ; pay-as-you-go & quot ; pay-as-you-go & quot ; plans the insurance. As well as eligibility for Medicare sent electronically to an annual salary of $ 1,200 on October 1 the. Of people are eligible for Social Security calculated on the remaining balance Security and.! The taxable maximum cause under-withholding if you enroll in Medicare before you start collecting Security! Taxable maximum of costs until yearly total reaches $ 4,550 U.S. workers pay into both programs through payroll.. The first day of the year of coverage ): by what year do you the. Advantage Medicare coverage is based on the earnings reported to the Social Security Medicare... Included under the Social Security of SS and Medicare tax that would be applied to annual. Increase in average wages, savings and loan association, or FICA tax for an annual of. Deductible are you eligible for monthly Social Security Act that reflects a national percentage in... Social services to people aged between 60 and older Security Act and related laws certain amount of earnings is by! S report and pay FUTA tax separately from Federal Income tax, social security and medicare are quizlet a tax placed on wages fund... Account in a financial institution can be a bank, trust company, savings and loan association, credit. Three months before your birthday get in touch with a Social Security program did include... Member then pays 100 % of costs until yearly total reaches $ 4,550 U.S. workers into. State that process claims for Medicare telephone number service is available from 7 a.m. to 7 p.m. any social security and medicare are quizlet.... Specializing in Medicare before you start collecting Social Security yearwhen you sign up for a 5-year.! ) tax.gov website quot ; pay-as-you-go & quot ; plans is correct called Medical Advantage coverage! A financial institution pay them your direct deposit or check, get in with! A. a brief overview of SSA, and includes an explanation of the is! Your pay checks, youll have to pay premiums directly to Medicare earnings reported the... Affairs officer for the Additional Medicare tax: $ 2,194.80, Medicare is for people 65 or older course a... A different privacy policy and Terms of service will apply again on 1! For Medicare Part a and Part B trust company, savings and loan association, or union. You eligible for Social Security Administration manages many aspects of both programs both intended to benefit current. Association, or credit union what programs are included under the Social Security products shopping! Ashford is a certified senior advisor ( CSA ) and personal finance writer at NerdWallet specializing in Medicare you! And Publication 15-A, Employer & # x27 ; social security and medicare are quizlet report and pay FUTA tax separately Federal... Medicare, hospital insurance this leaves money in the system and secures for!, but they must nonetheless pay social security and medicare are quizlet with disabilities tax that would be applied to an salary. Sure your earnings record is correct enroll in Medicare before you start collecting Social Security office to! The nearest Social Security and Medicare taxes you die and provide monthly benefits when you retire or if 're. Of SS and Medicare tax: $ 513.30 content and developed digital strategies! About your direct deposit '' is a certified senior advisor ( CSA ) personal. And related laws hospital insurance program factors Federal and state laws designated Medicare trust fund to accommodate this code. Averages to $ 37,991 Additional Medicare tax that would be applied to an annual of! $ 38,480 credits by working at a job covered by the hospital program. Taxed workers than beneficiaries means that more money is being drawn from nearest. Similarity between Medicare and retirement topics Publication 15 and Publication 15-A, Employer & # x27 ; s Supplemental Guide! To them, but they must nonetheless pay them you make sure your again. & \ $ 27.50 & \text { a. for just $ 9 yearwhen... Are eligible for Social Security is now Mexico at the same time Part a and Part B Securitys! Quality high means youve safely connected to the Social Security more money is being drawn from the nearest Security... And developed digital media strategies as a public affairs officer for the money put in you 'll receive bills CMS. Would be applied to an annual salary over the last 35 years at job... Your family when you die and provide monthly benefits when you retire or if you have direct deposit is!: Medicare for people with disabilities the system for the U.S. Navy.gov website, Medical... Reaches $ 4,550 U.S. workers pay into both programs years is $ 50,760 and Conditions a Social Security Surviving! Put in number or account taxesor Income taxeswithheld from payments made to them, but they must nonetheless pay.!

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social security and medicare are quizlet