Choose the Correct Answer for These Social Security Flashcards

Ellen works part time to supplement her family's income. In 2010, she earned a $3,900 and worked at least part of every month. With how many quarter of coverage will she credited for 2010
A. 1
B. 2
C. 3
D. 4

Anne earned $110,000 in 2010. Assuming 2010 Social Security rates, how much did her employer deduct from her salary for FICA taxes that year?
A. $6,324
B. $6,820
C. $8,217
D. $8,415

Which of the following statements regarding Social Security survivor benefits is not correct?
A. A surviving widow, age 66, will be entitled to a life income equal to her husband's PIA
B. A healthy dependent child of a deceased worker will be entitled to an income benefit until age 18, or to age 22, if the child attends college.
C. A surviving widower, age 47, has a 13-y.o. child who was also a dependent of the deceased worker. The widower is entitled to monthly income until the child reaches age 16, at which time benefits will cease to the widower until the widower reaches at least age 60
C. A deceased covered worker was providing one-half of the support for a 62 y.o. parent who is confined to a nursing home. The parent is entitled to a survivor's benefit.

Which of the following examples pertaining to Social Security benefits is correct?
A. Simon has a Social Security PIA of $700 at the time of his death. His surviving spouse will receive a lump-sum death benefit of $2,250,
B. Lola, age 30 has a daughter age 10. Her husband who is covered under Soc. Sec. died unexpectedly last month following surgery. Both Lola and her daughter are entitled to receive monthly survivor benefits until her daughter reaches age 18.
C. Mason who is married with one son, age 16 is a fully insured retired worker receiving soc. sec. benefits. In addition, hes spouse is eligible for benefits at age 62 and his son, is eligible for benefits until he is 18 y.o.
D. Arlen the 20 y.o. daughter of a fully insured retired worker becomes totally and permanently disabled from injuries received in a car accident. Because her disability occurred after age 16 Arlene is not eligible for her father's Soc. Sec. benefits.

In determining Social Security retirement benefits, which of the following statements is correct?
A. Average monthly wages (AMW) are adjusted for inflation
B. The primary insurance amount (PIA) determines the worker's average indexed monthly earnings (AIME)
C. The PIA is a determination of the amount equal to the worker's full retirement benefit at the worker's full retirement age
D. Workers retiring past age 59 1/2 can receive 100% of their PIA

Rudy is eligible for full death, retirement, and disability benefits under Social Security. His worker status
A. completely insured
B. currently insured
C. fully insured
D. partially insured

All of the following statements correctly describe the purpose of Social Security except
A. it provides a source of income for a meaningful standard of living during retirement
B. it provides basic protection against financial problems accompanying death, disability, and retirement

Bill is self-employed. The FICA tax rate for Bill is
A. 6.2%
B. 7.65%
C. 15%
D. 15.3%

Jan, a single, working mother, dies at age 40. Dave, her only son, would receive a one-time lump-sum benefit of
A. $255
B. $500
C. $1,000
D. $2,555