RSSA Module 4 - Final Exam
Terms in this set (41)
Anika has a PIA of $3,150, an $196,560
FRA of 67, and life expectancy
of 90. What is the difference in
her lifetime income if she
claims at 62 vs 70?
$3,150 -30% ($976.50) = $2,205
x336 mo =
$740,880
$143,640 - 3x8=24 % = $3,906 x
240mo =
$937,440
$196,560 DIFFERENCE -
$90,720
$136,080
If an individual is a How much of their earned income is subject to SECA
shareholder in a C
Corporation, which of the
following does not apply to
their personal taxes?
The dividends received by the
shareholder subject to their
personal income tax
If they are deemed to be
employees, what their W-2
wages are
How much of their earned
income is subject to SECA
If they are actively
participating in the C Corp,
they should be complying
with reasonable
compensation rules
,How much OASDI tax do self- They pay a total of 12.4% for Social Security up to their net
employed individuals pay? maximum taxable earnings for that year
They pay a total of 7.65% for
Social Security and Medicare
on their gross earnings
They pay a total of 15.3% for
Social Security and Medicare
on all earned income
They pay 1.45% for Medicare
on their net maximum
taxable earnings for that
year They pay a total of 12.4%
for Social Security up to their
net maximum taxable earnings
for that year
In the case study of Max and Deciding if he should file at FRA or age 70
Emma (and most SETARA
cases), what is Max least
interested in determining?
If he continues to work, will
those continued earnings
significantly increase his Social
Security benefit and how
much self- employment tax
will he pay on those
earnings
Ensuring the survivor benefit
(for presumably Emma) will be
as high as possible
Deciding if he should file at
FRA or age 70 How much his
future compensation will
affect his Social Security
benefit
Which of the following Employees of the SSA offering this advice in local Social Security
cannot offer personalized offices
Social Security income
planning services?
Financial advisors working in
their local communities
, Accountants and other
financial professionals
working with local and remote
clients
Medicare and insurance
professionals educated on
Social Security
Employees of the SSA offering
this advice in local Social
Security offices
Terms in this set (41)
Anika has a PIA of $3,150, an $196,560
FRA of 67, and life expectancy
of 90. What is the difference in
her lifetime income if she
claims at 62 vs 70?
$3,150 -30% ($976.50) = $2,205
x336 mo =
$740,880
$143,640 - 3x8=24 % = $3,906 x
240mo =
$937,440
$196,560 DIFFERENCE -
$90,720
$136,080
If an individual is a How much of their earned income is subject to SECA
shareholder in a C
Corporation, which of the
following does not apply to
their personal taxes?
The dividends received by the
shareholder subject to their
personal income tax
If they are deemed to be
employees, what their W-2
wages are
How much of their earned
income is subject to SECA
If they are actively
participating in the C Corp,
they should be complying
with reasonable
compensation rules
,How much OASDI tax do self- They pay a total of 12.4% for Social Security up to their net
employed individuals pay? maximum taxable earnings for that year
They pay a total of 7.65% for
Social Security and Medicare
on their gross earnings
They pay a total of 15.3% for
Social Security and Medicare
on all earned income
They pay 1.45% for Medicare
on their net maximum
taxable earnings for that
year They pay a total of 12.4%
for Social Security up to their
net maximum taxable earnings
for that year
In the case study of Max and Deciding if he should file at FRA or age 70
Emma (and most SETARA
cases), what is Max least
interested in determining?
If he continues to work, will
those continued earnings
significantly increase his Social
Security benefit and how
much self- employment tax
will he pay on those
earnings
Ensuring the survivor benefit
(for presumably Emma) will be
as high as possible
Deciding if he should file at
FRA or age 70 How much his
future compensation will
affect his Social Security
benefit
Which of the following Employees of the SSA offering this advice in local Social Security
cannot offer personalized offices
Social Security income
planning services?
Financial advisors working in
their local communities
, Accountants and other
financial professionals
working with local and remote
clients
Medicare and insurance
professionals educated on
Social Security
Employees of the SSA offering
this advice in local Social
Security offices
