Which statement is NOT true?
A) In 2013 the payroll tax was 12.4% of wage earnings up to a maximum of $113,700.
B) If you retire at age 67,you will get larger monthly Social Security checks than if you retire before then.
C) The money you contribute to FICA is yours,to be given back to you when you retire.
D) Your Social Security benefits are determined by a formula based strictly on your lifetime contributions.

Question

Quizplus · Accepted Answer

The money you contribute to FICA is not strictly yours, but rather is used to pay current Social Security beneficiaries. Your future benefits will be funded by the contributions of future workers.

Which Statement Is NOT True