There are two programs of social security: public assistance and welfare.

The six major types of social insurance programs are administered by the federal government.

Social Security retirement payments are made to the spouse of a retired worker.

Medicare consists of both hospital insurance and supplementary medical insurance.

A laid-off worker is eligible to receive full salary for up to 26 weeks.

Workers’ compensation benefits vary among states.

Currently, workers pay 7.65% of their wages in Social Security taxes.

Unemployment insurance is a federal program administered by state governments.

Anyone who earns income from working and is under age 70 1/2 can open an IRA.

An important tax benefit of a traditional IRA is that interest and other earnings on the investment are not taxed until they are withdrawn.

Government programs that help people meet social and economic needs are called

The best known type of social insurance program is

The program that pays benefits to workers injured on the job is called

Medicaid is a health service program for

Unemployment benefits may be paid to workers who

FICA taxes are taken from a worker’s paycheck to pay for

How many work credits are required to be eligible for full Social Security retirement benefits?

Up to a certain limit, FICA taxes are figured on annual earnings. The earnings limit is called the

Assume that $840 was withheld from your paycheck last year for FICA taxes. How much did your employer have to contribute?

Assume that a worker contributed $2,000 to an IRA and the worker’s spouse contributed $1,000. By funding an IRA, they achieved a tax savings of $400. What was the “effective” cost of their IRA contributions?

Widespread unemployment during the Great Depression caused Congress to pass the _________________________ in 1935.

A ____________________ is a regular payment made to a retired person.

Present-day high school students will not be eligible for Social Security retirement payments until they reach age ____________________.

A _________________________ is a one-time payment sometimes made to survivors of a worker who has died.

The ____________________ insurance program is financed and administered by the states within federal guidelines.

In the year 2008, eligible workers will be permitted to contribute up to ____________________ to a traditional IRA.

With a traditional IRA, interest and other earnings are not taxed until they are ____________________.

Contributions to a Roth IRA are not _________________________, but they grow tax-free.

Roth IRAs have ____________________ income eligibility limits than traditional IRAs.

In addition to opening their own IRAs, workers should take advantage of any retirement plan that might be offered by their ____________________.

What are the six major federal and state social insurance programs?

Briefly describe a traditional IRA versus a Roth IRA.