Which of the Following Is True About the Old Age

question 47

Multiple Choice

Which of the following is true about the Old Age, Survivors, Disability, and Health Insurance (OASDHI) program?

• A)Only about 50% of U.S. employees are covered by the program.
• B)Federal, state, and local government employees account for a high percentage of employees covered under this program.
• C)There are no eligibility requirements to be met by an individual to receive benefits.
• D)Old-age insurance benefits for fully insured workers begin at the age of 50.
• E)High earners help subsidize benefit payments to low earners.

Calculate the net pay for employees given specific tax rates and deductions.

Identify the tax components that do not have a wage base limit.

Understand the functions of a payroll register and an employee earnings record.

Recognize the implications of taxes for both employers and employees, including FICA, federal, and state income taxes.

---

Definitions:

Spatial Cognitive Skills

Abilities that allow individuals to perceive, analyze, and understand spatial relationships in their environment, crucial for tasks like navigation, geometry, and visual arts.

Psychological Principles

Fundamental truths or laws that underpin the understanding and analysis of the mind and behaviors in humans and animals.

Conditioned Stimulus

An initially neutral stimulus that, after being associated with an unconditioned stimulus, comes to trigger a conditioned response.

Conditioned Response

A response acquired through learning to a stimulus that was once neutral but has become linked to an unconditioned stimulus due to conditioning.