Were Social Security and Medicare the largest contributors of revenue for the federal government in Fiscal Year 2019? Explain.(1 point) Responses Yes, because Social Security and Medicare taxes contributed about $1.542 trillion in Fiscal Year 2019 while individual income taxes only contributed $1.518 trillion. Yes, because Social Security and Medicare taxes contributed about $1.542 trillion in Fiscal Year 2019 while individual income taxes only contributed $1.518 trillion. No, because individual income taxes contributed about $1.718 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion. No, because individual income taxes contributed about $1.718 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion. No, because corporate income taxes contributed about $1.242 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $230.2 billion. No, because corporate income taxes contributed about $1.242 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $230.2 billion. Yes, because Social Security and Medicare taxes made up more than 50% of the revenue in Fiscal Year 2019 with $1.718 trillion.

Answer 1

Yes, because Social Security and Medicare taxes contributed about $1.542 trillion in Fiscal Year 2019, making them the largest contributors of revenue for the federal government. This amount is slightly higher than the $1.518 trillion contributed by individual income taxes.