Question

How is the Social Security Administration funded?
A. Through federal grants and loans
OB. Purely donation based
C. Taxes on workers income
D. Taxes on goods sold

Answer 1

Answer:

A. Through federal grants and loans

Explanation:

Social Security is financed through a dedicated payroll tax. Employers and employees each pay 6.2 percent of wages up to the taxable , while the self-employed pay 12.4 percent. The payroll tax rates are set by law, and for OASI and DI, apply to earnings up to a certain amount.

Answer 2

Answer:

C. both workers and companies

Explanation:

Correct on Edge 2021

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