Rory is 64 years old and despite being retired from his occupation as an attorney, earned $27,500 in 2023 while working as a golf instructor at a local golf course. Rory's monthly retirement benefit from Social Security is normally $1,700, which totals $20,400 for the entire year. Because Rory exceeded the retirement earnings limitation, how much money will be reduced from Rory's Social Security retirement benefit for 2023?
Rory is 64 years old and despite being retired from his occupation as an attorney, earned $27,500 in 2023 while working as a golf instructor at a local golf course. Rory's monthly retirement benefit from Social Security is normally $1,700, which totals $20,400 for the entire year. Because Rory exceeded the retirement earnings limitation, how much money will be reduced from Rory's Social Security retirement benefit for 2023?
Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses
Section: Chapter Questions
Problem 38P
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Question
![Rory is 64 years old and despite being retired from his occupation as an attorney,
earned $27,500 in 2023 while working as a golf instructor at a local golf course.
Rory's monthly retirement benefit from Social Security is normally $1,700, which
totals $20,400 for the entire year. Because Rory exceeded the retirement earnings
limitation, how much money will be reduced from Rory's Social Security retirement
benefit for 2023?
1) $2,020
2) $3,130
3) $4,270
4) $6,260](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9ed048cc-3d44-4889-b0f5-6cad68501a35%2Fc196550f-e99b-4bb8-85c5-da814dba7279%2F0lq232v_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Rory is 64 years old and despite being retired from his occupation as an attorney,
earned $27,500 in 2023 while working as a golf instructor at a local golf course.
Rory's monthly retirement benefit from Social Security is normally $1,700, which
totals $20,400 for the entire year. Because Rory exceeded the retirement earnings
limitation, how much money will be reduced from Rory's Social Security retirement
benefit for 2023?
1) $2,020
2) $3,130
3) $4,270
4) $6,260
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