Which statement is NOT true?
A) In 2019, the payroll tax was 12.4% of wage earnings up to a maximum of $132,900.
B) If you retire at age 67, you will get larger monthly Social Security checks than if you retire before the age of 67.
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 technically yours, but rather goes towards funding the Social Security program for current retirees. In return, when you retire, you are eligible to receive Social Security benefits based on your work history and contributions.

Which Statement Is NOT True