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.