Question

A federal payroll tax that supports retired workers is

Answer 1

Answer:

A federal payroll tax that supports retired workers is "social security tax". A Social Security tax is the duty demanded on the two managers and workers to finance the Social Security program. Social Security tax is generally gathered as finance assessment or independent work charge.

Explanation:

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Answer 2

A federal payroll tax that supports retired workers is the Social Security tax.

Every American's life is impacted by Social Security, whether directly or indirectly. Social Security provides assistance to older Americans, disabled workers, injured soldiers, and families who have lost a spouse or parent.

What is the difference between federal income tax withheld and Social Security tax withheld?

The federal government receives general funding from the federal income tax. The money raised by Social Security taxes, at least in theory, is set aside for the elderly, disabled, and surviving spouses' benefits.

The Old-Age and Survivors Insurance and Disability Insurance programs, which provide monthly income to retirees, individuals with disabilities, and their families, are funded using the share of FICA payments designated for Social Security.

Regressive taxes, such as Social Security taxes, are those in which persons with lower incomes pay a greater tax rate than those with higher incomes.

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