Were Social Security and Medicare the largest contributors of revenue for the federal government in Fiscal Year 2019? Explain.(1

Question

2 years ago

11

Were Social Security and Medicare the largest contributors of revenue for the federal government in Fiscal Year 2019? Explain.(1

point)
Yes, because Social Security and Medicare taxes made up more than 50% of the revenue in Fiscal Year 2019 with $1.718 trillion.

No, because corporate income taxes contributed about $1.242 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $230.2 billion.

No, because individual income taxes contributed about $1.718 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion.

Yes, because Social Security and Medicare taxes contributed about $1.542 trillion in Fiscal Year 2019 while individual income taxes only contributed $1.518 trillion.

Business

2 answers:

Bingel [31] · Answer 1 · 2023-01-20T00:22:10+03:00

It is false because the individual income taxes contributed about $1.718 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion.

<h3>What is an Income tax?</h3>

These are tax imposed on earned income by people in a country while the Social Security and Medicare taxes are imposed on people income while working as well.

However, the individual income taxes contributed about $1.718 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion.

Therefore, the Option C is correct.