Final answer:
A person needs 40 quarters of contributions to be fully insured by Social Security, equating to 10 years of work and payroll tax contributions. The correct option is A.
Step-by-step explanation:
To be considered "fully insured" by social security, a person must accrue a minimum of 40 quarters of contributions. This means that a worker must have at least 10 years of work where they have paid into the Social Security system via payroll taxes to qualify for full benefits.
This requirement is equivalent to 10 years of work, as each quarter represents 3 months of work. These quarters can be earned by paying social security taxes on earnings up to a certain threshold, which is $128,700 in 2020.
These contributions are vital for securing retirement benefits and are automatically deducted from workers' paychecks, with an equal employer share, ensuring a future safety net. The correct option is A.