Mathematics, 01.04.2021 22:10 SupremeDiaz17
1 2 3 4 5 6 7 8 9 10
A major concern with Social Security is the possibility that funds will not be available when today’s tax-payers retire to become beneficiaries. According to the Social Security Trustee’s report, an increase of 1.89% in the Social Security payroll tax would keep the account full for the next 75 years. To achieve similar results, benefits would have to be decreased from the current 42% of the ending salary to 29% of the salary.
Cindy is relatively new to the workforce. She has 32 years until she can retire. Her current annual salary is $45,000.
1a) Calculate how much Cindy will have to pay in Social Security tax (6.2%) based on this salary.
1b) Calculate how much Cindy will have to pay in Social Security tax if the tax was increased by 1.89%.
2a) Calculate Cindy’s annual Social Security benefit (about 42%) if her salary remains unchanged until she retires (annual average is $45,000).
2b) Calculate Cindy’s annual Social Security benefit if her salary remains unchanged but benefits (based on her annual salary of $45,000) were cut from 42% to 29%.
3) If Cindy were given a choice between the increase in Social Security tax now or the decrease in Social Security benefits when she retires, which would you recommend she choose? Explain your answer thoroughly.
Answers: 3
Mathematics, 21.06.2019 18:00
Jada has a monthly budget for her cell phone bill. last month she spent 120% of her budget, and the bill was 60$. what is jada’s monthly budget
Answers: 2
Mathematics, 21.06.2019 18:30
Ametal rod needs to be 9 feet and 5.5 inches in length. the sections of the poles being used are each 1 foot and 10.5 inches long. how many 1ft 10.5in sections would be needed to complete the 9ft 5.5in metal rod? and how many inches of material will be left?
Answers: 1
1 2 3 4 5 6 7 8 9 10
A major concern with Social Security is the possibility that funds will not be...
Mathematics, 20.09.2019 00:00
English, 20.09.2019 00:00
Mathematics, 20.09.2019 00:00
Health, 20.09.2019 00:00
History, 20.09.2019 00:00
History, 20.09.2019 00:00
Mathematics, 20.09.2019 00:00
Mathematics, 20.09.2019 00:00
Chemistry, 20.09.2019 00:00
Physics, 20.09.2019 00:00