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History Quizzes

Quiz #26 - Answer

 

D. 17 cents!

For those persons retiring before the start of monthly benefits in 1940, a single lump-sum payment was made. Ackerman worked one day under Social Security, earned $5, and paid a nickel in payroll taxes. His lump-sum was equal to 3.5% of his wages—so he got 17 cents.
 
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