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The standard Social Security tax is applied to earnings up to $106,800. Over this amount,

The standard Social Security tax is applied to earnings up to $106,800. Over this amount, employees are taxed at a rate of ________ on all additional earnings.

A) 1.45%

B) 3.2%

C) 5.65%

D) 7.4%

40) Sam was born in 1963. What is the earliest age that Sam can retire to receive full Social Security benefits?

A) 65

B) 66

C) 67

D) 68

41) Disability income under Social Security:

A) covers all hospital expenses for anyone over age 65.

B) requires 50% disablement for six weeks prior to the beginning of benefits.

C) does not take effect until the individual is over age 65.

D) comes in monthly payments equivalent to 30% of the individual's earnings.

42) Disability income is provided to employees who are:

A) totally and continuously disabled for 2 months.

B) disabled and cannot work for at least 12 months.

C) disabled and the primary breadwinners of the family.

D) earning less than $20,000/year prior to their disability.

43) Shirley's husband has recently died. She is eligible for survivor benefits if she:

A) is at least 55 years old.

B) is at least 55 years old and has an unmarried child younger than 19 years of age.

C) cares for a dependent parent of 60 years of age or older.

D) is at least 60 years of age.

44) Workers' compensation:

A) only covers an employee who is not at fault for his/her injury.

B) provides medical care, income, and rehabilitation expenses.

C) replaces 75% of the disabled worker's income.

D) is part of Social Security.

45) The employee benefit that provides medical care, income, and rehabilitation expenses for individuals who sustain job-related injury or illness is called:

A) workers' compensation.

B) Social Security.

C) survivor benefits.

D) unemployment insurance.

46) Which of the following would LEAST likely improve a firm's workers' compensation costs?

A) Emphasizing safe work procedures to all employees

B) Providing health insurance to high-risk employees

C) Designing jobs to reduce risk of injury

D) Auditing workers' compensation claims

47) The rate of workers' compensation tax for employers is based on all of the following factors EXCEPT the:

A) workers' compensation guidelines in the employer's state.

B) employer's injury experience rating.

C) risk of injury for an occupation.

D) number of employees at the firm.

48) A self-insurance pool is best defined as a:

A) policy in which individual employees are exclusively responsible for their insurance.

B) group of companies who jointly hire an administrator to organize insurance functions.

C) policy offered by insurance companies that allows employees to choose their own benefits.

D) group of individual employees who shop for the most cost-effective health insurance.

Dec 12 2019 View more View Less

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