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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First, we need to determine the amount of wages in excess of the ceiling.

Wages in excess of ceiling = Jarrett's total income - Maximum allowable wages for maximum benefits 
Wages in excess of ceiling = ($10,000 + Social Security benefits) - $8,000 
Wages in excess of ceiling = $2,000 + Social Security benefits

Now, we can use the formula to find the amount of Jarrett's benefit:

Benefit amount = Maximum award - 0.6 (Wages in excess of ceiling) 
Benefit amount = $14,000 - 0.6($2,000 + Social Security benefits)

We don't know the exact amount of Social Security benefits, but we do know that the benefit amount decreases as total income (including Social Security) increases. Therefore, the maximum benefit amount would be received if Social Security benefits were $0.

Benefit amount = $14,000 - 0.6($2,000 + $0) 
Benefit amount = $14,000 - $1,200 
Benefit amount = $12,800

Finally, we can find Jarrett's total income by adding his wages and Social Security benefits together:

Total income = Wages + Social Security benefits 
Total income = $10,000 + $12,800 
Total income = $22,800

Therefore, the answer is C) $22,800.

Use the Following Formula to Answer the Indicated Question: Benefit