Answered: $16,720 from her part-time job as a…

$16,720 from her part-time job as a clerk in 2016. By how much will her Widow's benefit be reduced when the earnings limit is $15,720?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Selma, an age 60 recipient of a Social Security Widow's benefit, earns
$16,720 from her part-time job as a clerk in 2016. By how much will
her Widow's benefit be reduced when the earnings limit is $15,720?
1. $0
2. $500
3. 4,000
4. $15720

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Step 1: 1.Identify the Earnings Limit:

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Step 2: 2.Calculate Earnings Above the Limit:

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Step 3: 3.Determine Reduction Rate:

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Step 4: 4.Calculate Benefit Reduction:

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