According to the Social Security progressive benefits replacement rates for 2011
ID: 1208188 • Letter: A
Question
According to the Social Security progressive benefits replacement rates for 2011 below,
How large will the monthly Social Security benefit be for a worker who had prior earnings of
Instructions: Enter your responses to two decimal places.
(a) $24,000 a year?
$
(b) $60,000 a year?
$
What is the marginal wage replacement rate for
Instructions: Enter your responses as a percent to the nearest whole number.
(c) The $24,000 per year worker?
%
(d) The $60,000 per year worker?
Rate (%) For Average
Monthly Wages of 90% $ 1-749 32 $749-4,517 15 over $4,517 According to the Social Security progressive benefits replacement rates for 2011 below, How large will the monthly Social Security benefit be for a worker who had prior earnings of Instructions: Enter your responses to two decimal places. (a) $24,000 a year? $ (b) $60,000 a year? $ What is the marginal wage replacement rate for Instructions: Enter your responses as a percent to the nearest whole number. (c) The $24,000 per year worker? % (d) The $60,000 per year worker?
Explanation / Answer
when yearly income is 24000, monthly income is 2000
Given, wage repalcement rate is 32% for income above $4517 per year
a. When income =$24000
Social security benifit=32% of 24000=$7680
when income is 60,000, monthly income is 5,000, replacement rate is 15%
Social security benifit=15% of 60000=$9000
(Both numbers are whole numbers only)
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