Question

What tax deduction is used to provide money for the social security system?

Answer 1

FICA- Federal Insurance Contributions Act

Step-by-step explanation:

Federal Insurance Contributions Act is a payroll tax that is paid by both employers and employees and used to fund Social Security benefits, which include retirement, disability, and survivor benefits.

Answer 2

It's called the Social Security Trust Fund, and it's typically taken directly from wages. If you ever get a job, on your pay stub there will be a deduction that's usually just called "SOCIAL SECURITY". So, largely payroll taxes.