Use the following formula to answer the indicated question: Benefit amount = Maximum award - 0.6 (Wages in excess of ceiling)Jarrett is retired and earns $10,000 per year working part-time.He is entitled to a maximum Social Security retirement benefit of $14,000.Social Security regulations allow him to earn $8,000 and still get maximum benefits.Jarrett's total income,including Social Security benefits,is

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Quizplus · Accepted Answer

Using the formula given, we can calculate Jarrett's benefit amount as follows:

Benefit amount = Maximum award - 0.6 (Wages in excess of ceiling) 
Benefit amount = $14,000 - 0.6 ($10,000 - $8,000) 
Benefit amount = $14,000 - 0.6 ($2,000) 
Benefit amount = $14,000 - $1,200 
Benefit amount = $12,800

To find Jarrett's total income, we add his part-time wages ($10,000) to his Social Security benefit ($12,800):

Total income = $10,000 + $12,800 
Total income = $22,800

Therefore, the best choice is C.

Use the Following Formula to Answer the Indicated Question: Benefit