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,
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,
Chapter4: Income Tax Withholding
Section: Chapter Questions
Problem 7QR
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Transcribed Image Text: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
2 pts
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?
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