Chapter Eight Flashcards
What are three types of federal taxes that wage earners pay?
Income tax, social security, medicare
Who charges people for not paying taxes?
IRS
How much do employees pay of their gross income into the Social Security fund?
6.2%
If you were born before 1938 when can you retire?
Age 65
If you were born in 1960 or later when can you retire?
Age 67
What are the qualifications for an ex to qualify on your record?
Have been married to you for at least 10 years
be at least 62 years old
Be unmarried
Not eligible for an equal or higher benefit on his or her own or someone else’s record
How long do you have to wait for disability benefit?
6 months
Who is eligible for the social security of a dead person?
Spouses age 60 or older or 50 or older if disabled
Spouses of any age if caring for their children under the age of 16
Unmarried children under 18
Adult children who become disabled before the age of 22
What is the percentage of income paid to medicare?
2.9%
What is covered in medicare?
Hospital stays Skilled nursing facility care Home Health Care Hospice Care Blood
What does FDA stand for?
Food and Drug Administration
What is consumer protection?
government regulation to protect the ineterst of consumers
What is the equal credit opportunity act?
protect consumers from credit discrimination
What is the fair credit billing act and the electronic fund transfer act?
address the problem associated with the exchange of goods and payment using electronic methods
What is the fair credit reporting act?
ensures the accuracy and privacy of information kept by credit bureaus
