Question 13 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. Question 14 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? Question 15 13. At retirement age in 2020, an individual has an average yearly indexed income of $40,00O. How much would their monthly Social Security check be worth using the PIA formula? *Do not use dollar signs*

Question 13 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. Question 14 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? Question 15 13. At retirement age in 2020, an individual has an average yearly indexed income of $40,00O. How much would their monthly Social Security check be worth using the PIA formula? Do not use dollar signs

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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D1. Account
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Q40
For 2019 and 2020, what is the ceiling for a person under the age of 70 and 1/2 to contribute to an Individual Retirement Account? a. $6,000 (or the $12,00 for spousal IRAs) or 100% of compensation. b. $1,000 annually. c. $3,000 annually. d. all of the above.
Please I need quick response and explanation no plagiarism please
Question 12 You save $1500 each year into a tax-deferred retirement account. If you are in a 25% tax bracket and itemize deductions on your tax return, how much will you save on your taxes each year? Your Answer: Answer
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