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

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 2 years ago

The retirement benefit of the Social Security program is considered a progressive benefit with a regressive...

The retirement benefit of the Social Security program is considered a progressive benefit with a regressive financing scheme. (1) How is the Social Security benefit progressive? (2) How is its financing scheme regressive?

Which of the following is true about Social Security and Medicare taxes as they pertain to...

Which of the following is true about Social Security and Medicare taxes as they pertain to earnings limits? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Once an employee's year-to-date earnings exceed the wage...

Are the following statements true or false? (a) The Social Security benefit formula works to the...

Are the following statements true or false? (a) The Social Security benefit formula works to the advantage of low-wage workers. (b)Compared to those with higher earnings, on average, low-wage workers are more likely to pay thousands of dollars in Social Security taxes and then die before, or soon after, becoming eligible for retirement benefits. (c) Social Security works to the disadvantage of groups with below average life expectancy.

tier 2 railroad retirement benefits are treated as social security. true or false

The impact of social security on the individual’s simultaneous decision about retirement and savings

Which of the following statements is true regarding the taxation of Social Security benefits? a.85% is...

Which of the following statements is true regarding the taxation of Social Security benefits? a.85% is the maximum amount of taxable Social Security benefits. b.50% is the maximum amount of taxable Social Security benefits. c.If a taxpayer’s only source of income is $10,000 of Social Security benefits, then 50% of the benefits are taxable. d.If a taxpayer’s only source of income is $10,000 of Social Security benefits, then 85% of the benefits are taxable.

1. Which of the following is not a CPP benefit? a. Retirement pension b. Survivor benefit...

1. Which of the following is not a CPP benefit? a. Retirement pension b. Survivor benefit c. Death benefit d. Allowance for survivor 2. Demi is a Canadian citizen. She has an RRSP account in which she has currently invested $5,000,000 in mutual funds. The real return on her mutual funds is expected to be 7% over the ten years until her retirement. If she doesn’t save any more between now and retirement, how much will her retirement shortfall be...

1. Which of the following is true about the output level where marginal revenue equals marginal...

1. Which of the following is true about the output level where marginal revenue equals marginal cost? Group of answer choices The firm is maximizing profit. Economic profits are equal to zero. The firm should reduce its output. The firm should increase its output. 2. The price charged by a profit-maximizing monopolist occurs Group of answer choices At the minimum of the long-run average total cost curve. Where P = MR = MC. At a price on the demand curve...

1- Which of the following statements is not true about retirement savings? a.No tax is paid...

1- Which of the following statements is not true about retirement savings? a.No tax is paid now on money paid into sheltered savings plans. b.Funds in sheltered savings plans grow before tax. c.No tax is ever paid on money paid into sheltered savings plans. d.Unsheltered savings are bought with after-tax dollars. 2.Which of the following statements about the steady-state financing rate is not true? a.It means CPP rates will not go above 4.95%. b.Up to half of the CPP fund...

Which of the following statements is true about asset retirement obligations related to natural resources that...

Which of the following statements is true about asset retirement obligations related to natural resources that have been developed: a) GAAP requires that an existing legal obligation associated with the retirement of a tangible, long-lived asset be recognized as a liability and measured at fair value. b) Asset retirement obligations may arise from legal obligations associated with the retirement of any intangible asset. c) A retirement obligation may only arise at the inception of an asset's life, but never during...

Question