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Principles of Financial Planning

Question 3 • Personal Finance - EL3403

Taxes collected for Social Security and Medicare make up of federal revenue.

Answer
A
9%
B
40%
C
42%

Explanation

Social Security and Medicare are funded mainly by payroll taxes. Together, those taxes account for about 40% of federal revenue, so the correct choice is 40%.

AI-written and checked against the verified answer.

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