question

SSA stands for

answer

social security administration

question

the SSA began in the year 1934 by FDR in response to __

answer

the Great Depression

question

the Social Security Act was signed into law in the year

answer

1935

question

what was the purpose of the social security act?

answer

created social insurance program designed to pay retired workers age 65+ a continuing income

question

the __ was established to provide employers, employees, and the public with information on how income was to be reported

answer

SSB, bipartisan social security board

question

the SSB became the __ in 1946

answer

social security administration

question

the SSA was part of HHS until the year

answer

1995 (now an independent agency)

question

The commissioner of social security reports directly to the President. A permanent 7-member bipartisan social security advisory board was formed in 1995. Who is the current commissioner of the SSA?

answer

Caroyln Colvin

question

Employers and workers had to be registered by the date __ following the SSA enactment to be eligible for the old age insurance benefits and for payroll taxes to be collected?

answer

Jan 1, 1937

question

which 3 parties must register for social security?

answer

employers, employees, and self-employed

question

The SSA was altered in 1939 to increase the benefit amount and accelerate the start of payments from 1942 to 1940. What were the 2 fundamental changes made to the SSA in 1939?

answer

1. spouse and minor children were covered 2. survivor benefits in event of premature death

question

beginning in 1975, automatic annual __ were instituted based on increases in consumer prices

answer

COLAs

question

SSDI stands for

answer

social security disability income

question

Amendments of 1954 initiated a disability insurance program that provided the public additional coverage against economic insecurity. In 1956, it was amended to provide cash benefits to disabled workers aged __ to __ and disabled adults and children

answer

50-65

question

Congress has broadened the scope of SSDI to allow __ of disabled workers to qualify for benefits and expanded to workers at any age can qualify.

answer

dependents

question

What is required to qualify for SSDI?

answer

cannot work due to physical or mental condition expected to last at least one year or result in death; may take up to 2 years. Includes: Medical records and treatment dates from your doctors, therapists, hospitals, clinics and caseworkers; Your laboratory and other test results; The names, addresses, phone and fax numbers of your doctors, clinics and hospitals; The names of all medications you are taking; and The names of your employers and job duties for the last 15 years.

question

Medicare health coverage was extended to SS beneficiaries who are 65+ in the year

answer

1965

question

SS remained responsible for Medicare until 1977 when the __ took over

answer

HCFA, health care financing administration

question

in 2001 the HCFA became __

answer

the CMS, centers for medicare and medicaid services

question

in the 1950s, SS benefits were raised for the first time based on __

answer

COLAs, cost of living adjustments (to offset effects of inflation on fixed incomes

question

Applications for Medicare benefits should be filed when?

answer

3 mos before 65th birthday

question

SSI stands for

answer

supplemental security income

question

who does the SSI cover?

answer

disabled or blind adult or child must meet categories: limited income, limited resources, US citizen, live in US, 65 or older

question

the individual monthly SSI payment is __, for couples it is ___

answer

$733, $1100

question

where is the SSI financed from?

answer

general reserves (NOT SS taxes)

question

the SSI monthly payment is based on:

answer

need, varies up to max fed benefit rate

question

who is eligible for SSDI?

answer

disabled or blind, must have paid SS taxes to become insured

question

the SSDI monthly payment is based on:

answer

earnings record of insured worker

question

Patients receiving SSDI are automatically eligible for __ after receiving disability benefits for 2 years

answer

Medicare

question

patients receiving SSI are automatically eligible for __ in most states

answer

Medicaid

question

social security became an independent agency in the year

answer

March 1995

question

the __ has 7 permanent bipartisan members to provide advice and counsel

answer

social security advisory board

question

one in __ Americans receives an SS benefit (57 M)

answer

6

question

__% of all workers are in jobs covered by social security

answer

98

question

SS taxes: employees are taxed __% of earnings up to $118,500

answer

6.2

question

SS taxes: employers are taxed __% of earnings up to $118,500

answer

6.2

question

SS taxes: self-employed are taxed __% of earnings up to $118,500

answer

12.4

question

Medicare taxes: employees and employers are taxed __% on all earnings

answer

1.45

question

Medicare taxes: self-employed are taxed __% on all earnings

answer

2.9

question

For working in 2016, for every $__ earned, one credit is made

answer

1260

question

__ credits are needed to qualify for retirement benefits

answer

40 (10 years of work)

question

T/F the requirements for one credit towards retirement changes every year.

answer

T

question

the full retirement age as of 2015 is __

answer

67

question

the maximum social security benefit at full retirement age is __ per month

answer

2663, or 31,956 per year

question

the average monthly social security benefit is __

answer

$1328, or $15,936 per year

question

the earliest you can receive retirement benefits is age __, but you will only get 70% of the monthly benefit

answer

62

question

T/F the longer you wait for retirement, the better the monthly benefit

answer

T

question

beginning in the year 2013, workers will pay an additional __% Medicare tax on income above certain thresholds.

answer

0.9

question

you earn a maximum of __ credits towards retirement per year

answer

4

question

How are benefits typically paid?

answer

direct deposit

question

Medicare and Medicaid payments rely on poverty __

answer

guidelines

question

__ of every dollar of SS tax goes to trust fund that pays monthly benefits to current retirees and their families and to surviving family members

answer

0.85

question

__ of every dollar of SS tax goes to trust fund that pays benefits to ppl with disabilities and their families

answer

0.15

question

the number of credits needed to apply for social security depends on your __ and __

answer

age, benefit you are applying for

question

how many SS credits can be earned per year?

answer

4

question

most people need __ credits, or 10 years of work, to qualify for retirement benefits

answer

40

question

when should you apply for Medicare benefits?

answer

3 mos before 65th birthday

question

which parties are able to receive SS benefits based on your income?

answer

spouses, ex-spouses, and children

Social Security Administration (Feb 16)

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