Which of the following statements is CORRECT?
A) Lester, who is 25 and recently became totally and permanently disabled, may qualify for Social Security benefits even though he has never worked.
B) Continuing to work at a new job with different responsibilities does not affect SS disability benefits.
C) Social Security only has benefits for the disabled worker; the spouse and unmarried children are never eligible.
D) The Social Security program, including SS disability, is funded by a payroll tax.
Ans: D) The Social Security program, including SS disability, is funded by a payroll tax.
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Terry, a resident of Little Rock, Arkansas, found himself in financial distress, and went to a “payday loan” office to get a short-term loan. He was given a 2-week loan in the amount of $1,000, with the interest charged for the two weeks being $50. Assuming that Arkansas law applies to this transaction:
A. The loan is illegal since the usury rate in Arkansas for a loan of this kind is 17 B. The loan is legal since the usury law in Arkansas does not apply to short term loans (less than 30 days). C. The loan is legal since the amount of the debt is less than $5,000 and therefore does not fall under Arkansas usury laws D. The loan is legal since the Arkansas legislature recently repealed all usury laws in Arkansas E. The loan is legal since the annual interest rate in this case is only 5%
Profits and losses from a Limited liability company (LLC) do not have to be distributed in the same proportion
Indicate whether the statement is true or false