Which of the following is not true about Social Security? The retirement benefit equals the average...

Which of the following is not true about Social Security?

	The retirement benefit equals the average monthly income of worker during their last ten years of employment
	Employers withhold Social Security taxes from employee paychecks and submit the funds to the IRS
	Self-employed workers must pay the full Social Security tax themselves each year
	Most people have to work for at least 10 years to receive full credit, which accrues at the rate of about four credits per year, depending on a person’s earnings

Solutions

Expert Solution

	(i) The retirement benefit equals the average monthly income of worker during their last ten years of employment
	(ii) Employers withhold Social Security taxes from employee paychecks and submit the funds to the IRS
	(iii) Self-employed workers must pay the full Social Security tax themselves each year
	(iv) Most people have to work for at least 10 years to receive full credit, which accrues at the rate of about four credits per year, depending on a person’s earnings

Statemtns (ii),(iii) and (iv) are factually correct. But statement (i) is not true.

Answer - (i) The retirement benefit equals the average monthly income of worker during their last ten years of employment

Rahul Sunny answered 1 year ago

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