HSS 214 CASE 6 (1)

Pls help ASAP

7. Monthly Social Security benefits Monthly Benefits The Social Security Administration has a computerized service that determines your benefits because Social Security benefits are based on a fairly complicated formula. In fact, the government is required to provide all covered workers with a Social Security Statement. Identify the range of benefits you can expect. • If you retire at age 62, benefits of   to   % of yourfull retirement benefits   . • If you retire at age 65 to 67, receipt ofyour full retirement benefits   . • If you delay retirement until age 70, you can receive an increase   in your benefits.   Range of Benefits Dmitri, a 66 years old worker, is deciding between retirement either this year or the next year. His average monthly benefit is determined to be $1,635.40. Assume that the benefit is the same for this year and the next year. Compute Dmitri’s annual benefit reduction amounts in each of the following scenarios. • If Dmitri retires…

I just need help with part D.

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 $40,000. How much would their monthly Social Security check be worth using the PIA formula? *Do not use dollar signs*

0. Assume that upon graduation you make$63,500per year. What are the legally required costs for Social Security, Old-age, Survivors, and Disability Insurance, \& Medicare for the firm you work for in both dollar values and percentages? How much will you have to pay yourself? How much would you pay if you were self-employed earning the same amount?

9. Social Security payments to Deceased Dependants If the deceased was entitled to $1,100/per month and the widow is 67, how much would the widow be entitled to assuming the family max has not been met? Do Not use $ dollar $ signs in your answer

6

Ma3.

A retiring person has a normal retirement age 67 social security benefit of 1800. The individual delays taking benefits until age 71. Using the Rule of Thumb for delaying social security benefits the individual's monthly benefit would most likely be around: $2.088 $2,232 52, 376 D. 52, 520

2

c. How much will the family receive (to the nearest dollar)? 647.51/1-6 1-(1.005264 .OOS 647.51.146.4 = 94795.46 150000-94795.46-55204.54₁,6 = 33122.72 4. A couple are planning for retirement. They plan to retire at age 70. At that time they wish to be able to withdraw $7500 per month from their retirement account for a period of 25 years, reducing the balance to zero. How much should they start saving now in an account that pays 7.54% compounded monthly to achieve their goal? Assume that they will be able to earn at least 7.54% interest compounded monthly from now until they are age 95. nt How much interest is earned over the 65 year period? A = P(1 + £ ) m² FV= PMT ((1+1)^-1) 7500 (1.076+25-1)

y Best Buy® Visa... S Next 2/

22

Haresh

Vishnu

G

2

Please I need quick response and explanation no plagiarism please

nkt.3

me li omework i Saved Help Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp Required information Matthew (48 at year-end) develops cutting-edge technology for SV Inc.. located in Silicon Valley. In 2019, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. (Leave no answer blank. Enter zero if applicable) Assuming Matthew's annual salary is $416.000, a-1. What amount will SV contribute to Matthew's money purchase plan? a-2. What can Matthew…

5

not use ai please