Question: Choose the following statement that is INCORRECT regarding Social Security and Medicare taxes? Multiple choice question. The Social Security tax rate is 1 2 .

Choose the following statement that is INCORRECT regarding Social Security and Medicare taxes?
Multiple choice question.
The Social Security tax rate is 12.4% of wages up to a maximum wage amount.
There is no wage cap (maximum wage limitation) for Medicare taxes.
Low-income taxpayers are exempt from paying Social Security and Medicare taxes on their wages.
Single taxpayers will pay an increased rate of Medicare tax when their tax base exceeds $200,000.

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