________ must pay a payroll tax to fund Social Security benefits.

Name: ________ must pay a payroll tax to fund Social Security benefits.
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Question

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Both employers and employees are required to pay a payroll tax to fund Social Security benefits. As of 2020, the current Social Security tax rate is 6.2% for both employers and employees on earnings up to $137,700. The self-employed must pay both the employer and employee portion of the tax, totaling 12.4%.

________ Must Pay a Payroll Tax to Fund Social Security