The Social Security Retirement Program Is Financed by a 10

question 236

Multiple Choice

The Social Security retirement program is financed by a 10.6 percent payroll tax that applies to earnings up to an income cutoff that is adjusted upward annually by the growth rate of nominal wages. As of 2016, the income cutoff was

• A) $15,000.
• B) $32,700.
• C) $118,500.
• D) $250,000.

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Definitions:

Pepsinogen

A precursor enzyme secreted by the stomach, which is converted into pepsin for protein digestion.

Chief Cell

Specialized cells found in the lining of the stomach and parathyroid glands that produce and secrete digestive enzymes or parathyroid hormone.

Duodenal Cell

A duodenal cell is a type of cell found in the duodenum, the first segment of the small intestine, involved in digestive processes.