02 Jul Week 1 Assignment
WEEK 1 ASSIGNMENT FIN360
1. 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?
2. 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?
3. Under current law, the highest possible full retirement age is:
4. 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?
5. Joseph retired at age 62 this year. To be eligible for full OASDI retirement benefits, how many quarters of coverage must Joseph have earned?
6. 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?
7. 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?
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