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Federal Reserve Bank of Boston Economic Quiz

U.S. Social Security System 1. I) When was the U.S. Social Security system created? A) 1917 B) 1970 C) 1935 D) 1929 2. II) How many years must a person have worked to qualify for social security benefits? A) 5 B) 8 C) 15 D) 10 3. A divorced spouse can claim one half of the insured spouse’s benefits: A) Never B) If the divorced spouse was married to the worker for at least ten years C) If the worker authorizes the payments D) If the couple did not have children 4. What is the employee’s social security tax rate? A) 7.65% B) 15.3% C) 6.2% D) 1.45% 5. What was the maximum amount of wages subject to social security taxes in 2008? A) 102,000 B) There was no maximum C) 71,000 D) 200,800 Created with QuizScript

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Economic quiz written by: Ana Patricia Munoz - February 2009. Any opinions stated in this quiz are solely those of the author and do not necessarily reflect the opinion of the Federal Reserve Bank of Boston