WEEK 1 ASSIGNMENT FIN360
- If Mr. and Mrs. King has an AGI of $42,000 excluding Social Security, and $3,000 in tax-exempt interest, and receives $9,000 in Social Security benefits. What portion of the Social Security benefits will be included in taxable income if they file jointly?
- For an insured worker who was born in 1960 and wants to retire at age 65, under current law, how much will his or her primary insurance amount be reduced?
- Under current law, the highest possible full retirement age is:
- Sam will receive $1,000 per month in worker’s compensation benefits, starting two weeks after he was disabled. Sam will qualify for Social Security disability payments of $750 per month. The workers’ compensation and Social Security benefits will replace about 60% of his usual income. Sam also has disability income insurance that will pay him $800 per month after he has been disabled for two months. What payments will Sam be entitled to receive in the third month after becoming disabled?
- Joseph retired at age 62 this year. To be eligible for full OASDI retirement benefits, how many quarters of coverage must Joseph have earned?
- Mrs. “A” works part-time only during the peach-picking season. In 2018, her total annual earnings of $2,200 were received for picking fruit during July and August. How many quarters of OASDI coverage does Mrs. “A” receive for her 2018 earnings?
- Howard hill retired at age 63 and began receiving a monthly Social Security retirement check of $1120. Howard’s wife is 66 (her full retirement age) and his work entirely in their home. What will Howard’s wife received as a monthly Social Security benefit for this year at Howard’s full retirement ages 66?