Use the following formula to answer the indicated question: Benefit amount = Maximum award - 0.4 (Wages in excess of ceiling)
Rafael is retired and earns $15,000 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 $10,000 and still get maximum benefits.Rafael's total income,including Social Security benefits,is

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Rafael's benefit amount is calculated as $14,000 - 0.4($15,000 - $10,000) = $14,000 - 0.4($5,000) = $14,000 - $2,000 = $12,000. His total income is $15,000 (wages) + $12,000 (benefits) = $27,000.

Use the Following Formula to Answer the Indicated Question: Benefit