Which of the following statements concerning the federal Social Security tax is true?

Question

Quizplus · Accepted Answer

The Social Security tax burden increases annually because the base increases annually. As of 2021, the tax rate is 6.2% for both employees and employers, and the income base subject to the tax is $142,800. This income base increases each year due to inflation, causing the tax burden to increase for individuals earning above that amount. However, the tax rate has not changed since 1990.

Which of the Following Statements Concerning the Federal Social Security