Asked by Jarrett Covelli on May 28, 2024
Verified
How many years of Social Security contributions count for determination of benefits?
A) 25
B) 35
C) 45
D) All yearly contributions count.
Social Security Contributions
Payments made to a government scheme that provides retirement, disability, and survivals benefits, funded through taxes on employers and employees.
Benefits
Advantages or payments made to employees, members of insurance policies, or other eligible parties, often in the form of health insurance, retirement plans, or disability coverage.
- Acquire knowledge of the regulatory constraints and limitations on contributions to retirement accounts along with their implications for taxation.
Verified Answer
BR
Bader RostomMay 29, 2024
Final Answer :
B
Explanation :
The Social Security Administration uses the 35 highest-earning years to calculate your benefit amount.
Learning Objectives
- Acquire knowledge of the regulatory constraints and limitations on contributions to retirement accounts along with their implications for taxation.