Chapter 7- Social Security and Benefits
A fully insured individual must have which of the following?
40 quarters of credit
How long is the waiting period for disability benefits under Social Security?
5 months
How many quarters of coverage are required for currently insured status under Social Security?
6
How many quarters of credit must an individual have to be currently insured under Social Security?
6
A Social Security currently insured individual has:
6 quarters of credit
Bobette works as a clerk at SAV-MORE convenience store. What is the percent of Social Security payroll tax deducted from her paycheck?
6.20%
After a surviving spouse is in their blackout period, the earliest age they can begin to receive survivors benefits is:
60
What is the earliest a person can retire and begin to receive Social Security retirement benefits?
62
Social Security disability benefits are payable to a covered disabled worker until the age of:
65
What is the full Social Security retirement age for a person born after 1960?
67
How much will a covered worker receive from Social Security retirement benefits if the worker was born in 1960 and retires at age 62?
80% of their PIA
How long is the reduction in Social Security retirement benefits effective for a person who retires early?
All throughout retirement
The amount of Social Security retirement benefits are based on an individuals
Primary insurance amount
What is the basis for Social Security retirement benefits?
Primary insurance amount (PIA)
Joe becomes totally disabled. How much will Social Security pay Joe's wife, who relies on child support payments from Joe, to care for their 12-year twins?
1/2 Joe's PIA
How much will an unmarried child, Joe, age 19, in his last year of high school, receive from Social Security if his mother becomes totally and permanently disabled?
1/2 his mother's PIA
How long must an individual's disability be expected to last in order to qualify for Social Security disability benefits?
12 months
Walt is totally disabled and has applied for Social Security disability benefits. How long must Walt wait to be eligible to receive full Medicare benefits?
29 months
All of the following individuals would not be covered by Social Security, EXCEPT:
A nurse practitioner who owns their own practice
Which of the following employees would not be covered by Social Security?
A person hired by the Federal government in 1980, A priest, & A self-employed, homeless street musician
Social Security quarters of coverage earned are based on ________ quarters worked, and ________ be earned consecutively.
Cumulative; do not need to
Under which insured Social Security insured status are most benefits paid?
Fully insured
How are Social Security benefits determined?
How long a covered worker has worked throughout their life
What is the earliest month a covered worker may begin to receive Social Security disability benefits?
In month 6 of their disability
Kenny is self employed. He owns a book bindery. Which statement accurately describes his Social Security tax obligation?
Kenny must pay the employer and employee's tax portions.
Luka is eligible to receive both spousal and retirement benefits. Which of the following is true?
Luka is eligible to receive both spousal and retirement benefits. Which of the following is true?
Which of the following correctly describes Social Security survivors benefits for a covered worker who is fully insured?
Monthly payments to the widow equal to the deceased spouse's PIA if the widow is age 65 or above, Lump-sum death benefit paid to the widow and eligible children of the deceased covered worker & Monthly payments to a dependent parent age 62 and above
Social Security is also referred to as:
OASDI-Old Age, Survivors, and Disability Insurance
What is the basis for a person's Social Security insured status?
Quarters of credit
A person who is eligible to receive both spousal and retirement benefits from Social Security will:
Receive the benefit that is larger
All of the following statements are true regarding Social Security disability benefits, EXCEPT:
Social Security disability benefits cover partial and short-term disabilities.
Which of the following is false regarding eligibility for Social Security disability benefits?
The disability must have lasted or will last for at least 6 full months or be expected to end in death.
Which of the following factors does not affect how much a retiree will receive for Social Security monthly retirement income benefits?
The retiree's sex
In order to obtain fully insured status, a covered worker must accrue one quarter of coverage each calendar year after the age of 21 for a total of 40 quarters and minimum of six quarters, upon the earliest of:
The year prior to reaching age 62, The year of disability onset & The year prior to death
After the 5-month waiting period, Social Security disability benefits are payable to the disabled covered worker in the amount of:
Their total PIA
A covered worker must be ______ insured to receive Social Security retirement benefits.
fully
