Question

Sarah was born on May 18, 1955 A. For Social Security, what is her Full Retirement...

Sarah was born on May 18, 1955 A. For Social Security, what is her Full Retirement Age? B. Describe what would happen to her social security benefits, in general terms, if she elected to start receiving her social security benefits at age 62. C. Describe what would happen to her social security benefits, in general terms, if she elected to start receiving her social security benefits at age 70 D. Sarah and her husband file a joint tax return and have both reached Full Retirement Age. Jane is working part time and their combined income is more than $44,000. Will the social security benefits be taxable and, if so, up to what percent of the benefits would be taxable?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

A) For Social Security, Sarah's full retirement age will be 66years and 2 months i.e. July 18 2021.

B) If she elects to start receiving her social security benefits at age 62 then the benefit amount will be received to 74.2% of the monthly benefit .

C) If she elects to start receiving her social security benefits at age of 70, she'll get 130.7 % of the monthly benefit because you delayed getting benefits for 46 months.

D) Yes, Social Security benefits will be taxable upto 85% of their benefits as Sarah and her husband are filling joint tax return and their combined income is more than $44000.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which of the following statements concerning Social Security is/are correct? Worker's entitled to retirement benefits can...
Which of the following statements concerning Social Security is/are correct? Worker's entitled to retirement benefits can currently take early retirement benefits as early as age 55 if they are separated from service. A worker who takes early retirement benefits will receive a reduced benefit because he or she is expected to receive more monthly benefit payments, as payments commence earlier than if the worker had waited and retired at full retirement age. 1 only. 2 only. Both 1 and 2....
Joe Speed is retiring this year at his Full Retirement Age (FRA) for receiving Social Security....
Joe Speed is retiring this year at his Full Retirement Age (FRA) for receiving Social Security. Joe can begin to collect $30,000 per year this year. However, he read that he can wait for up to 4 years to begin receiving payments and his payment would increase by 8% a year ($2,400) for each of the next 4 years. With interest rates being so low, he thinks this is a great way to receive an 8% return on investment. If...
social security benefits will. A. Be fully taxed since her her income is from other sources...
social security benefits will. A. Be fully taxed since her her income is from other sources is $45,000. B. She will get a deduction against his taxable income for the full $5,000. C. None of these answers. D. Come to her tax-free since he paid tax on the amounts when they were included in his gross wages. E. Be partially taxed because of her high income bracket.
Background When Sheryl graduated from Northeastern University in 2000 and went to work for BAE Systems,...
Background When Sheryl graduated from Northeastern University in 2000 and went to work for BAE Systems, she did not pay much attention to the monthly payroll deduction for social security. It was a “necessary evil” that may be helpful in retirement years. However, this was so far in the future that she fully expected this government retirement benefit system to be broke and gone by the time she could reap any benefits from her years of contributions. This year, Sheryl...
Background When Sheryl graduated from Northeastern University in 2000 and went to work for BAE Systems,...
Background When Sheryl graduated from Northeastern University in 2000 and went to work for BAE Systems, she did not pay much attention to the monthly payroll deduction for social security. It was a “necessary evil” that may be helpful in retirement years. However, this was so far in the future that she fully expected this government retirement benefit system to be broke and gone by the time she could reap any benefits from her years of contributions. This year, Sheryl...
What makes the US Social Security pension (SS) an annuity? It is financed by the SS...
What makes the US Social Security pension (SS) an annuity? It is financed by the SS Trust Fund. it will pay benefits until 2034, approximately, and not after that. It pays benefits to a recipient until she/he dies.              It pays benefits to a retiree unless she/he works.             The other answers are incorrect. Economists estimate that US SS reduces personal saving mainly because SS reduces the need to save for retirement. SS reduces the need to save for emergency expenses....
52. Comprehensive Problem (Tax Return Problem). Mr. and Mrs. Sam Morris retired on February 10, 2018,...
52. Comprehensive Problem (Tax Return Problem). Mr. and Mrs. Sam Morris retired on February 10, 2018, and call you in for tax advice. Both Sam and his wife Sarah have worked for many years. Sam is 65 years of age and his wife is 63. Facts: Dependent child: Age 21 Social Security Benefits $9,900 Salaries: Sam (January 1—February 10) $7,000 Sarah (January 1—February 10) $5,500 Interest Income: Port Authority of N.Y. Bonds $300 Interest from Bank Deposits $11,100 Corporate Bonds...
Variable pay is: a payment made to a supplier in multiple installments. compensation awarded on the...
Variable pay is: a payment made to a supplier in multiple installments. compensation awarded on the basis of individual results or performance. a payment made to employees based on willingness to work overtime. compensation that varies based on the number of hours an employee works. compensation based on the reduction of the company's variable costs. 2 points    QUESTION 8 Under the ACA, an “affordable plan” means one which costs less than on the state's exchange will not exceed 9.5%...
Instructions: Please complete the 2017 federal income tax return for Magdalena Schmitz. Ignore the requirement to...
Instructions: Please complete the 2017 federal income tax return for Magdalena Schmitz. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps. Make sure you include all necessary schedules and tax forms. Magdalena Schmitz has undergone some major changes in her life recently. In 2015, at the age of 46, her husband, Roger, passed away. Magdalena has not remarried as of...
Read the “Case Study Analysis.” Write a 1,000-1,500-word analysis of the case study using Freud’s psychoanalytic...
Read the “Case Study Analysis.” Write a 1,000-1,500-word analysis of the case study using Freud’s psychoanalytic theory approach. Include the following in your analysis. What will be the goals of counseling and what intervention strategies are used to accomplish those goals? Describe the process of treatment using this theory. This should include a description of the length of treatment, the role of the counselor, and the experience of the client as they work from beginning to termination of therapy. How...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT