11. During 2020, a person receives Social Security at age 63 and is earning $23,000/year at...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
11. During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part- time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty. 12. From the question above, now assume the individual is 71 years old. How much of the yearly $12,000 would they receive while still earning $23,000 from their part-time position? 13. At retirement age in 2020, an individual has an average yearly indexed income of $40,000. How much would their monthly Social Security check be worth using the PIA formula? "Do not use dollar signs 11. During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part- time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty. 12. From the question above, now assume the individual is 71 years old. How much of the yearly $12,000 would they receive while still earning $23,000 from their part-time position? 13. At retirement age in 2020, an individual has an average yearly indexed income of $40,000. How much would their monthly Social Security check be worth using the PIA formula? "Do not use dollar signs
Expert Answer:
Answer rating: 100% (QA)
11 If a person retires at age 63 they would be entitled to 12000 in Social Security benefits However ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
How do firms decide how much of their earnings to distribute as dividends?
-
When deciding how much of their income to save for retirement, should workers consider the real or the nominal interest rate that their savings will earn? Explain.
-
How does Old Age Security (OAS) fit into retirement planning? How is it funded? How does an individual qualify for OAS benefits? When do you receive these benefits?
-
The following is the ending balances of accounts at December 31, 2018, for the Weismuller Publishing Company. Additional Information: 1. Prepaid expenses include $120,000 paid on December 31, 2018,...
-
In anticipation of the ad campaign, AlwaysRain bought an additional bronze machine. Will this be enough to ensure that enough capacity is available?
-
Discuss forward and reverse auctions.
-
The numbers of false fire alarms were counted each month at a number of sites. The results are given in the following table. Test the hypothesis that false alarms are equally likely to occur in any...
-
Big Sky Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Big Sky Sports is owned and operated by Joe Flannery, a well-known sports enthusiast and hunter....
-
THE COCA-COLA COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions except par value) December 31, ASSETS Current Assets Cash and cash equivalents Short-term investments Total Cash, Cash...
-
The Cincinnati Zoo and Botanical Gardens had a record attendance of 1.87 million visitors in 2017 (Cincinnati Business Courier website). Nonprofit organizations such as zoos and museums are becoming...
-
Americans have paid down over $100 billion of credit card debt since the start of the pandemic reported moneygeek.com. Americans still owe on average $5,668 in debt, which is 12% lower than the prior...
-
For your project proposal, you must answer the following questions: Topic: Intimate Partner Violence Why did you choose this topic? (answer must be at least 3-5 sentences long ) List some (at least...
-
Consider a system of N particles subject to a uniform gravitational field g acting verti- cally down. Starting with the work done by gravity on each mass, prove that the total gravitational potential...
-
You are the architect of an all-new boxing tournament and you intend to experiment with a new weight categorization system that encourages healthy training practices. To beat the old pen-and-paper...
-
One of the challenges that the Director of a Community Kidney Health Education program may encounter is the potential disagreement over roles and responsibilities among team members. According to...
-
hello below is the work I have done so far and my professor want me to add this in lines please help me as soon as you can thank you so much!! 1. Introducing the Consumer/End User of your new product...
-
As the project management team, you need to analyze the data from Parts 1 and 2 of the assignment to assess the following. Are there issues that need to be escalated? Is it acceptable to do nothing...
-
A condenser (heat exchanger) brings 1 kg/s water flow at 10 kPa quality 95% to saturated liquid at 10 kPa, as shown in Fig. P4.91. The cooling is done by lake water at 20C that returns to the lake at...
-
Apple Crisp Foods signed a contract some years ago for maintenance services on its fleet of trucks and cars. The contract is up for renewal now for a period of 1 year or 2 years only. The contract...
-
Energy costs for a green chemical treatment have been increasing uniformly for 5 years. If the cost in year 1 was $26,000 and it increased by $2000 per year through year 5, the present worth of the...
-
Determine the breakeven number of tests between the two options. Mid-Valley Industrial Extension Service, a state- sponsored agency, provides water quality sampling services to all business and...
-
Consider the two degree-of-freedom system shown in Figure 5.28. The springs are undeformed when the rods are horizontal. The mass of each rod is \(m\), with length \(L\), and mass moment of inertia...
-
Consider the system comprised of the disk, pulley, and block shown in Figure 5.27. The spring is connected to the disk of mass \(M\) at its mass center. The disk has radius \(r\) and mass moment of...
-
Consider again the system shown in Figure 2.56, reproduced in Figure 5.26. A disk is on an inclined plane supported by a spring. The coordinates \(x\) and \(\theta\) are zero when the spring is...
Study smarter with the SolutionInn App