Question 1 of 10 1.0 Points The amount of your social security contribution depe
ID: 2656594 • Letter: Q
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Question 1 of 10 1.0 Points The amount of your social security contribution depends on A. age and income. Correct B. income and current tax rate. C. age and current tax rate. D. current income and retirement income goal. E. employer's contribution and current tax rate. Answer Key: B Question 2 of 10 1.0 Points In the year 2027, a person will have to be ____ to be able to retire with full social benefits. A. 59 B. 62 C. 65 Correct D. 67 E. 72 Answer Key: D Question 3 of 10 1.0 Points Fully insured status requires 40 ____ of employment covered by social security. A. weeks B. months Correct C. quarters D. periods E. years Answer Key: C Question 4 of 10 1.0 Points Social security benefits for retirees less than 67 years of age may be reduced if Correct A. wages and salaries exceed certain limits. B. interest income exceeds limits. C. dividend and rental income exceed limits. D. assets exceed $60,000. E. a spouse's income exceeds certain limits. Answer Key: A Question 5 of 10 1.0 Points Jamie has worked for ABC Printing for 5 years. During this period ABC Printing has contributed $25,000 to her non-contributory retirement plan. Assuming ABC uses graded schedule vesting, how much will Jamie be able to roll into an IRA if she left ABC Printing after 5 years? A. $ 0 B. $ 5,000 C. $10,000 D. $15,000 Correct E. $20,000 Answer Key: E Question 6 of 10 1.0 Points The amount of money in your defined contribution retirement portfolio will depend on A. the age at which you begin contributing. B. the amount of money you deposit each month. C. the rate of return on your savings. Correct D. all of these. E. none of these really make much difference. Answer Key: D Question 7 of 10 1.0 Points Lillian has a defined benefit plan that promises an annual retirement benefit based on the 3 percent of her final 3-year average annual salary for each year of service. At retirement Lillian has 15 years of service and an average salary over the last 3 years of $65,000. What will her annual benefit be? A. $65,000 B. $55,250 C. $35,400 Correct D. $29,250 E. cannot determine Answer Key: D Question 8 of 10 1.0 Points An example of a type of plan where the amount the employee receives at retirement is dependent on investment return is a Correct A. defined contribution plan. B. defined benefit plan. C. cash balance plan. D. a and b E. a, b, and c Answer Key: A Question 9 of 10 1.0 Points Marcia works for Telephonic Industries and participates in its thrift and savings plan. For every $1.00 Marcia contributes to the plan, up to 4 percent of her salary, the company contributes $0.50. Which of the following accurately describe this plan? A. It's a defined benefit plan. B. It's a non-contributory plan. C. It's a cash balance plan. Correct D. It's a matching plan. E. It's a profit sharing plan Answer Key: D Question 10 of 10 1.0 Points Jacque Solis (age 38) is leaving her current job and would like to take a long vacation before starting new employment. She has $58,000 in a qualified plan that she would like to live on during this period. If she is in a 25 percent marginal tax bracket, how much will she have left after paying taxes and penalties? A. $58,000 B. $43,500 Correct C. $37,700 D. $29,000 E. $14,500 Answer Key: C
Explanation / Answer
Answer 1) B. income and current tax rate
Answer 2) C. 65
Answer 3) C. quarters
Answer 4) A. wages and salaries exceed certain limits
Answer 5) E. $20,000
Answer 6) D. all of these
Answer 7) D. $29,250
Answer 8) A. defined contribution plan
Answer 9) D. It's a matching plan.
Answer 10) C. $37,700
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