Social Security benefits are financed by a payroll tax paid by both employer and employee.

Name: Social Security benefits are financed by a payroll tax paid by both employer and employee.
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Social Security benefits are funded by a payroll tax known as the Federal Insurance Contributions Act (FICA) tax, which is paid both by employers and employees, each contributing an equal percentage of the employee's earnings.

Social Security Benefits Are Financed by a Payroll Tax Paid