Chapter 14 Questions

Q1. Your employer uses a flat benefit formula to determine retirement payments to its employees. The fund pays an annual benefit of $2,500 per year of service. Calculate your annual benefit payment for 25, 28 and 30 years of service.

I need the answer as soon as possible

Problem Outline Part A By the end of this year, you will be 35-years old, and you want to plan for your retirement. You wish to retire at the age of 65, and you expect to live 20 years after retirement. Upon retirement you wish to have an annual sum of $50,000 to supplement your social security benefits. Therefore, you opened your retirement account with a 7% annual interest rate. At retirement you liquidate your account and use the funds to buy an investment grade bond which makes $50,000 annual coupon payments based on a 6 % coupon rate throughout your retirement years.  What is the face value, not the actual value, of the bond that you will be investing in? Calculate the monthly payment in your retirement account to be able to achieve the plan mentioned above.  How much will your inheritors receive?  Problem Outline Part B Suppose you think if you were to retire right now, you would have needed $50,000 each year to supplement your social security and maintain your desired…

7

12 What is the maximum monthly social security benefit a person can receive if retiring exactly 1 year after full retirement age in 2022? A. $3,613 B. $3,345 C. $3,500 D. $4,148 Additional information for this question: 2022 max monthly SS benefit is $4,194 (Age 70) 2022 max monthly SS benefit is $3,345 (Full Retirement Age) 2022 max monthly SS benefit is $2,364 (Age 62) Benefits are increased annually to account for inflation (Cost of Living Adjustments). 2011-2021 Average = 1.60% 2022 = 5.9%

Need typed answer only.No playgarism.Please give answer within45 minutes

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*

Provide correct answer

Kal.4   Consider a retirement financial plan where you begin contributing at the age of 25. In this plan you make annual payment of $5000 until you reach the age of 50. Starting from the age of 60 and continuing until the age of 70, you receive annual payments of $15000 assuming an annual discount rate of 3% evaluate the worthiness of this financial plan.

Question # 3: Suppose that your retirement benefits during your first year of retirement are $50000. Assume that this amount is just enough to meet your cost of living during the first year. However, your cost of living is expected to increase at an annual rate of 5% due to inflation. Suppose you do not expect to receive any cost-of-living adjustment in your retirement pension. Then some of your future cost of living has to come from savings other than retirement pension. If your savings account earns 7% interest a year, how much should you set aside in order to meet this future increase in the cost of living over 25 years?

QUESTION 2 Billy Bourne makes $97574 annually. How much does Billy pay for his E.I. premium for the year? Use 2022 rates.

Problem 7-25 Low-Income Retirement Plan Contribution Credit (LO 7.9) George and Amal file a joint return in 2021 and have AGI of $38,200. They each make a $1,600 contribution to their respective IRAS. Assuming that they are not eligible for any other credits, what is the amount of their Saver's Credit?

1. Assume that you begin saving 3% of your total income in an employer-provided retirement plan at work. How long will it take for you to be saving at least 20% of your income if your employer provides a 4% wage increase yearly and you save half of each year's increase? 2. Based on your calculations from part a. how much will you be saving (using the end-of- year savings rate) over the next 10 years if you earn $30,000 this year?

Problem #5 Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery: a. What is the maximum that she can contribute into this retirement fund? $ b. What would be the company's contribution? $ c. What would be her weekly take-home pay with the retirement contribution deducted (married filing jointly, wage-bracket method, and a 2.3% state income tax on total wages)? $_ d. What would be her weekly take-home pay without the retirement contribution deduction? $

General Accounting

Need help

Accounting Q1: Randall receives a $4,200 monthly payment from a registered annuity. He calculates that 65.2% of the payment is a return of capital and the rest is interest. What portion of the payments would be taxable? Q2: Tony earned $80,000 last year, and there was a $4,800 pension adjustment. He will earn $84,000 this year. How much can he contribute to his RRSP this year, and what is his taxable income this year ?

If the future income tax rate at retirement (end of year 30) is 30%: 1)What is FW or Roth IRA? 2)What is FW of Tax-deductible IRA? 3)Which plan is better?

#16 Today is Derek's 25th birthday. Derek has been advised that he needs to have $2,993,861.00 in his retirement account the day he turns 65. He estimates his retirement account will pay 7.00% interest. Assume he chooses not to deposit anything today. Rather he chooses to make annual deposits into the retirement account starting on his 29.00th birthday and ending on his 65th birthday. How much must those deposits be? Submit Answer format: Currency: Round to: 2 decimal places. unanswered not_submitted Attempts Remaining: Infinity

What is the maximum monthly social security benefit a person can receive if retiring exactly 1 year after full retirement age in 2022? Group of answer choices $3,613   $3,345   $3,500   $4,148   2022 max monthly SS benefit is $4,194 (Age 70) • 2022 max monthly SS benefit is $3,345 (Full Retirement Age) • 2022 max monthly SS benefit is $2,364 (Age 62) • Benefits are increased annually to account for inflation (Cost of Living Adjustments).• 2011-2021 Average = 1.60% 2022 = 5.9%

13. After retirement, you expect to live for 25 years. You would like to have $75,000 income each year. How much should you have saved in your retirement account to receive this income, if the annual interest rate is 9 percent per year? (Assume that the payments start on the day of your retirement.) A. $736,693.47B. $802,995.88C. $2,043,750.21D. $1,427,831.93

Investment Plans. Use the savings plan formula to answer the following question. At age 28, you set up an IRA (individual retirement account) with an APR of 5%At the end of each month, you deposit $150 in the account. How much will the IRA contain when you retire at age 65? Compare that amount to the total deposits made over the time period.

7.Given the following information how much saving would you have at retirement if you invest your saving at 9. 5% APR compounded monthly? You have an average income of $59,845 per year over the 31 years of your employment You invest 4% of your wages each month into your savings Your employer matches your contributions to your savings