Which of the following is an INCORRECT statement about the Social Security program?
A) The Social Security tax is levied on wages up to an annual cap or maximum.
B) The Social Security tax is regressive.
C) The Social Security program is like an ordinary insurance program, in that the program's assets are sufficient to finance all the benefits promised.
D) Participation in the program is mandatory.
E) Monthly Social Security benefits depend on the number of years one has worked as well as one's average monthly earnings.
Correct Answer:
Verified
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