Questions: Multiple Choice Social Security is funded by a payroll tax imposed on a limit of an employee's income. What is this limitation called? A. Taxable wage base B. Average monthly wage (AMW) C. Average indexed monthly earnings (AIME) D. Maximum wage limit

Multiple Choice Social Security is funded by a payroll tax imposed on a limit of an employee's income. What is this limitation called? A. Taxable wage base B. Average monthly wage (AMW) C. Average indexed monthly earnings (AIME) D. Maximum wage limit
Transcript text: Multiple Choice Social Security is funded by a payroll tax imposed on a limit of an employee's income. What is this limitation called? A. Taxable wage base B. Average monthly wage (AMW) C. Average indexed monthly earnings (AIME) D. Maximum wage limit
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Solution

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Answer

The answer is A. Taxable wage base

Explanation
Option A: Taxable wage base

The "taxable wage base" refers to the maximum amount of an employee's income that is subject to the Social Security payroll tax. This means that any income earned above this limit is not subject to the Social Security tax. This is the correct term for the limitation on the income subject to the payroll tax.

Option B: Average monthly wage (AMW)

The "average monthly wage" is a term that might be used in various contexts, but it is not specifically related to the limitation on income subject to Social Security taxes. It generally refers to the average amount of wages earned per month.

Option C: Average indexed monthly earnings (AIME)

The "average indexed monthly earnings" is a calculation used by the Social Security Administration to determine an individual's benefit amount. It is based on a worker's lifetime earnings and is not related to the limitation on taxable income.

Option D: Maximum wage limit

While "maximum wage limit" might sound similar, it is not the official term used to describe the limitation on income subject to Social Security taxes. The correct term is "taxable wage base."

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