QUESTION 3 Which of the following provides the best description of the Social Se
ID: 1195957 • Letter: Q
Question
QUESTION 3
Which of the following provides the best description of the Social Security System in the U.S.?
The Social Security System is designed to be a transfer payment which simply taxes the working population today and pays benefits for current retirees from the proceeds of that tax.
A trust fund into which every American citizen has voluntarily paid a certain amount of money each year.
Funds that were deposited in a trust fund and allowed to accumulate interest-free for use in future years.
Funds that were deposited in a trust fund and allowed to accumulate at market rates of interest for general use in future years.
Funds that were deposited in a trust fund and allowed to accumulate at market rates of interest for the use in future years only by the individuals who voluntarily deposited the funds.
The Social Security System is designed to be a transfer payment which simply taxes the working population today and pays benefits for current retirees from the proceeds of that tax.
A trust fund into which every American citizen has voluntarily paid a certain amount of money each year.
Funds that were deposited in a trust fund and allowed to accumulate interest-free for use in future years.
Funds that were deposited in a trust fund and allowed to accumulate at market rates of interest for general use in future years.
Funds that were deposited in a trust fund and allowed to accumulate at market rates of interest for the use in future years only by the individuals who voluntarily deposited the funds.
Explanation / Answer
by the definition >>>>>social security system is a "Government program aimed at providing basic needs to citizens who are retired, unemployed, or unemployable due to a disability or disadvantage. It is funded usually by mandatory payroll contributions (typically 5 to 8 percent of a paycheck) from both the employees and the employers, and from the government's tax revenue."
option (a) is correct
The Social Security System is designed to be a transfer payment which simply taxes the working population today and pays benefits for current retirees from the proceeds of that tax.
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