For 2017,Social Security payroll taxes collected from employees represent 6.2 percent of the first $127,200 of labor income earned,while earnings beyond $127,200 are not taxed.Social security is what type of tax?

Question

Quizplus · Accepted Answer

Social Security taxes are considered regressive taxes because as income increases, the percentage of income paid towards Social Security decreases. In this case, once an individual reaches the earnings limit of $127,200, they stop paying Social Security taxes.

For 2017,Social Security Payroll Taxes Collected from Employees Represent 6