In 2016,the Social Security (FICA) tax was levied only on incomes up to $118,500.Which statement about this tax is CORRECT?
A) A worker with an annual income of $50,000 and one with an annual income of $100,000 paid the same dollar amount of FICA tax.
B) A worker with an annual income of $200,000 and one with an annual income of $118,500 paid the same dollar amount of FICA tax.
C) The top 20% of income earners earned over 50% of total U.S.incomes in 2001,and they paid approximately 60% of the total FICA taxes collected that year.
D) The percentage of income paid in FICA taxes was the same for a worker with an annual income of $50,000 and a worker with an annual income of $100,000.
Correct Answer:
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