Answer A,B,C,D, and E Sam, age 35, and Kathy, age 33, are married and have a son
ID: 463977 • Letter: A
Question
Answer A,B,C,D, and E
Sam, age 35, and Kathy, age 33, are married and have a son, age 1. Sam is employed as an accountant and earns $75,000 annually. Kathy is professor of finance at a large state university and earns $150, 000 annually. Both are currently and fully insured under the OASDI program. Assume you are a financial planner who is asked to give them advice concerning OASDI and other social insurance programs. Answer each of the following questions based on the following situations. Treat each situation separately. Sam is killed instantly in an auto accident. To what extent, if any, would the surviving family members be eligible to receive OASDI survivor benefits? Kathy has laryngitis that damaged her vocal cords. As a result, she can no longer teach. She is offered a research position in the business research bureau of the university where she is employed. To what extent, if any, would Kathy be eligible to receive OASDI disability benefits? A deranged student fired a pistol at Kathy because she gave him a grade of D. As a result, Kathy was seriously injured and is expected to be off work for at least one year while she is recovering. To what extent, if any, would existing social insurance programs in the United States provide income during the period of temporary disability? Sam would like to retire at age 62 and still work part-time as an accountant. He has been informed that the OASDI earnings test would be relevant in his case. Explain how the earnings test might affect his decision to work part-time after retirement. Sam resigned from his job to find a higher-paying position. Explain whether Sam could receive unemployment insurance benefits during the period of temporary unemployment before he finds a new job.Explanation / Answer
a - If a laborer expires before accomplishing completely guaranteed status, advantages can in any case be paid to qualified survivors if the specialist was "at present protected" at the season of death. Survivors advantages are possibly payable to a laborer's youngsters and to a widow(er) with the expired specialist's kids in consideration.) To be right now safeguarded, the laborer more likely than not earned 6 QCs in the 13 quarters finishing with the quarter of death (that is, 6 of the last 13 quarters, incorporating the quarter in which demise happened).
b - To meet all requirements for inability advantages, a non-blind specialist must have late work movement and being completely safeguarded. Under the test including late work encounter, a non-blind specialist who gets to be age 31 or more seasoned more likely than not earned no less than 20 QCs among the 40 timetable quarters finishing with the quarter in which the inability started. Extraordinary principles may apply if the specialist had an earlier time of incapacity.
c - Plans normally supplant 50 to 60 percent of pay, albeit a few bearers now present to 80 percent pay substitution. A week by week greatest advantage of $1,000 is not abnormal for transient incapacity approaches, while long haul handicap arrangements may give up to $10,000 in month to month advantage. Arrangements ought to be organized to adjust money related help with a period of awesome need with motivators to come back to work.
d - Individuals have the choice to get decreased advantages under a month to month income test on the off chance that it is further bolstering their good fortune to do as such. This alternative is generally practiced in the principal year of retirement, in light of the fact that in that year the month to month test grants installment for a few months regardless of the possibility that the yearly profit farthest point is extraordinarily surpassed. Under the month to month test, recipients get a full month to month advantage for quite a long time in which they don't win more than a sum equivalent to 1/12 of the yearly income limit. The month to month income test is connected to the independently employed taking into account hours they work rather than month to month profit. For the most part, recipients are qualified for the month to month profit test in one and only year.
e - You should be resolved to be unemployed through no shortcoming of your own (decided under State law), and meet other qualification necessities of State law. On the off chance that your purpose behind partition from your last employment is because of some reason other than an "absence of work" - a determination will be made about whether you are qualified for advantages. Sam surrendered from his business to locate a higher-paying position; consequently he won't be qualified for advantages of State Unemployment Insurance