Asked by shakif seymour on May 18, 2024
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Revenues from social insurance taxes are earmarked to pay for Social Security and Medicare.
Social Insurance Taxes
Taxes collected from employees and employers to fund government social insurance programs, such as Social Security and Medicare.
Social Security
A government program that provides financial assistance to people who are retired, disabled, or survivors of deceased workers, funded through payroll taxes.
Medicare
A federal health insurance program in the United States for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease.
- Recognize the role of social insurance taxes and their earmarking for social programs.
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Learning Objectives
- Recognize the role of social insurance taxes and their earmarking for social programs.
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