XCEL Solutions - Social Security Review 2024 Questions and Answers 100% Pass

XCEL Solutions - Social Security Review 2024 Questions and Answers 100% Pass Who is Covered - Correct Answer ️️ -Extends coverage to virtually every American who is employed or self-employed, with few exceptions How Benefits are Determined - Correct Answer ️️ -- A person must be insured under the Social Security program for survivors, disability, or retirement benefits to pay - Based on how long a covered worker has worked throughout his life Insured Status - Correct Answer ️️ -- Establishes benefit eligibility based on an "insured" status - Two types of insured status: 1) Fully Insured Status, and 2) Currently Insured Status Fully Insured Status - Correct Answer ️️ -Covered worker must accrue a total of 40 quarters of credit, which is about 10 years of work Currently Insured - Correct Answer ️️ -A worker must have earned 6 credits during the last 13 quarter period Social Security Payroll Taxes - Correct Answer ️️ -- Funding is collected from FICA payrolls - Collected from employers, employees, and self-employed individuals - FICA tax is applied to an employees income up to a certain amount. This amount is called the taxable wage base