Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

How can your current or future employment impact your Social Security or Medicare benefits?

Earning wages while receiving Social Security before full retirement age may reduce your benefits temporarily.

Working after age 62 will permanently increase your Medicare premiums regardless of income.

Social Security benefits are only affected by self-employment income, not wages from employment.

Employment income has no effect on either Social Security or Medicare benefits at any age.

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Verified step by step guidance

Understand the relationship between employment income and Social Security benefits. Social Security benefits can be temporarily reduced if you earn wages while receiving benefits before reaching full retirement age. This is due to the earnings test applied by the Social Security Administration.

Learn about the impact of working after age 62 on Medicare premiums. Medicare premiums are determined by your income level, and higher income can lead to higher premiums under the Income-Related Monthly Adjustment Amount (IRMAA). However, this is not directly tied to working after age 62 but rather to your income level.

Clarify the distinction between self-employment income and wages from employment. Both types of income can affect Social Security benefits if you are below full retirement age and exceed the earnings limit. The statement that Social Security benefits are only affected by self-employment income is incorrect.

Evaluate the claim that employment income has no effect on Social Security or Medicare benefits. This is incorrect because employment income can affect both Social Security benefits (via the earnings test) and Medicare premiums (via IRMAA).

Conclude that the correct answer is the first statement: 'Earning wages while receiving Social Security before full retirement age may reduce your benefits temporarily.' This aligns with the Social Security Administration's rules on the earnings test.