True or False: Social Security taxes are calculated based on the value of your property to fund retirement benefits, while income taxes are imposed on wages.
Answer (2)
The statement is false because Social Security taxes are based on wages, not property value. Income taxes are, in fact, imposed on wages and various types of income. Both serve different financial functions in the taxation system. ;
The statement is false; Social Security taxes are based on wages, not property value, while income taxes are indeed imposed on wages and other forms of income. Understanding the distinction between these two types of taxes is important for comprehending the taxation system. Neither tax is calculated based on property value.
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