132084
Description
Flashcards by Det Ferraris, updated more than 1 year ago
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Created by Det Ferraris
over 12 years ago
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| Question | Answer |
| The US Government IS considered to be an insurer | The US Government IS considered to be an insurer |
| Quarter of Coverage | system of units used to determine eligibility for coverage under some Social Security programs 4 Quarter is Max/year |
| Fully Insured | 40 quarters of coverage |
| Currently Insured | 6 QC in the previous 13 quarters |
| Old Age (Retirement) | complusory for most workers, provides minomum floor of income, must be fully insured, normal (full) retirement age depends on YEAR OF BIRTH |
| Survivor Benefits | program that pays benefit to certain survivors of deceased workers who paid social security taxed (fully/currently insured) |
| Who qualifies for Survivor Benefits | Surviving spouse with child<16 or disabled, widow or widower (60+), unmarried children <18, dependent parents (62+) |
| Blackout Period | time between when child turns 16 and widow/er turns 60 when no benefits are paid to widower |
| Social Security disability pays monthly benefits to disabled people who meet certain eligibility requirements | Social Security disability pays monthly benefits to disabled people who meet certain eligibility requirements |
| Social Security Disability Definition | last at least 12 months or result of death |
| SS Disability | unable to return or adjust to other work, partial and short-term NOT covered, minimum floor of income, fully or currently insured |
| Worker must be totally and permanently disabled for at least 5 months before SS disability benefits can begin | Worker must be totally and permanently disabled for at least 5 months before SS disability benefits can begin |
| Ss Funding | payroll taxes (7.65%), equally shared by employees and employer |
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