Quiz: Chapter 19 Quiz This Question: 1 pt 1 of 13 (0 complete) Retirement Benefi

Question

Quiz: Chapter 19 Quiz This Question: 1 pt 1 of 13 (0 complete) Retirement Benefits. How are the retirement benefits under Social Secuity calculated? Describe some factors that affect the amount of your benefits. The amount of income that you receive from Social Security when you retire is dependent on: (Select the best answer below) O A. the number of years in which you earned income and your level of income in the last year you worked. O B. the number of years in which you earned income and your average level of income ° C. your age and your level of income in the last year you worked O D. the industries in which you worked during your working years nefits: (Select the best answer below) O A. are untaxed regardless of income O B. can be taxed for retirees with high income O C. are denied to those above a certain income level O D. are doubled for those below an income thresholod Click to select your answer

Explanation / Answer

1) The Amount of income that you receive from social security when you retire is dependent on

Ans B) the number of years in which you earned income and your average level of income

2) Social Securities benefits

Ans B) Can be taxed for retirees with Income

( If income from these sources are between $25000 and $ 34000, Income tax will be due on half of your Social Securities benefit. Retirees with income that top $34000 ($44000 for couple) pay income tax on upto 85% of their Social Security Benefit)

3) Total Contribition to the fund = 8%(104000)
=8320 Rs
r = 7% n = 20 year
FV = A[(1+r)^n-1/r]
=8320[(1.07)^20-1/0.07]
=8320[(3.869684 - 1 /0.07]
=8320[(40.995)]
=341078.4 Rs

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.