1. TASK: Insert the appropriate word in the text below:
collected - disability - existing - fund
levied - refer - substantial - trust
A Social Security tax is the tax __________ on both employers and employees used to __________ the Social Security program. Social Security tax is usually __________ in the form of payroll tax or self-employment tax. The Social Security tax pays for the retirement and __________ benefits received by millions of Americans each year.
BREAKING DOWN 'Social Security Tax'
The funds collected from employees for Social Security are not put into a __________ for the individual employee currently paying into the system, but rather are used to pay __________ retirees. Also, Social Security tax can __________ to the tax on the benefits received from Social Security. In the past, Social Security was tax free, but today if you have other __________ income along with your benefits, you will likely end up paying some tax on them.
2. CHECK YOUR SPEAKING
|
collected |
[ kəˈlek.tɪd ] |
збирає(ться) |
|
disability |
[ ˌdɪs.əˈbɪl.ɪ.ti ] |
інвалідність |
|
existing |
[ ɪɡˈzɪs.tɪŋ ] |
існуючий |
|
fund |
[ fʌnd ] |
фінансувати |
|
levied |
[ ˈlevɪd ] |
оподатковувати(ся) |
|
refer |
[ rɪˈfɜː(r) ] |
називати, посилатись на |
|
substantial |
[ səbˈstænʃl ] |
значний |
|
trust |
[ trʌst ] |
траст |
3. SEE CORRECT ANSWER
A Social Security tax is the tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for the retirement and disability benefits received by millions of Americans each year.
BREAKING DOWN 'Social Security Tax'
The funds collected from employees for Social Security are not put into a trust for the individual employee currently paying into the system, but rather are used to pay existing retirees. Also, Social Security tax can refer to the tax on the benefits received from Social Security. In the past, Social Security was tax free, but today if you have other substantial income along with your benefits, you will likely end up paying some tax on them.
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