Asked by Karlene Francis on Apr 27, 2024
Verified
Lauri worked full-time at a health club last year earning $23,000.Last year,$1,090 in earnings was needed for one Social Security credit.Lauri earned 4 credits for the year.
Social Security Credit
Based on total wages and self-employment income during the year; the amount of earnings it takes to earn a credit changes each year; in 2009, a person had to earn $1,090 in covered earnings to get one credit; people born after 1929 need 40 credits in their lifetime to qualify for Social Security benefits.
Earnings
The amount of profit that a company produces during a specific period, indicating the financial performance.
- Familiarize oneself with the core concepts of Social Security, including the assessment of benefits and their taxation.
Verified Answer
KR
Keimoni RamseyMay 01, 2024
Final Answer :
True
Explanation :
Lauri earned $23,000 ÷ $1,090 per credit = 21.1 credits. Since it takes 4 credits to earn a year of Social Security, Lauri earned 4 credits.
Learning Objectives
- Familiarize oneself with the core concepts of Social Security, including the assessment of benefits and their taxation.