Use the following formula to answer the indicated question: Benefit amount = Maximum award - 0.6 (Wages in excess of ceiling)
Raynoo is retired and earns $15,000 per year working part-time.She is entitled to a maximum Social Security retirement benefit of $14,000.Social Security regulations allow her to earn $9,000 and still get maximum benefits.Raynoo's total income,including Social Security benefits,is

Question

Quizplus · Accepted Answer

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

Benefit amount = Maximum award - 0.6 (Wages in excess of ceiling)
Benefit amount = $14,000 - 0.6 ($15,000 - $9,000)
Benefit amount = $14,000 - 0.6 ($6,000)
Benefit amount = $14,000 - $3,600
Benefit amount = $10,400

So, Raynoo's total income, including Social Security benefits, is:

Total income = $15,000 + $10,400
Total income = $25,400

Therefore, the best choice is C.

Use the Following Formula to Answer the Indicated Question: Benefit