retirement planning tax 2

chapter 11 – Social Security Part 2

  • Social Security is funded through all of the following except:
    • Employee payroll tax
    • Employer payroll tax
    • Sales tax
    • Self-employment tax
  • A married couple together earn $300,000 in W-2 income for 2019.How much will their total Medicare taxes be?
  • Same as above $300,000 in W-2 income, but they also have $100,000 in income from stocks, bonds, and real estate rental properties.How much will their total Medicare Taxes be?
  • Husband earns $250,000 in W-2 income and the wife earns $150,000 in self-employment income.What will their total payroll taxes including Medicare be?
  • What is the basic benefit from Social Security called?It is the figure that Social Security calculates after determining the average indexed monthly earnings (AIME).
  • People born after 1960 must wait until what age to receive their full Primary Insurance Amount (PIA) retirement benefit from Social Security?
  • What is the maximum monthly benefit anyone can receive from Social Security in 2019?
  • A worker’s AIME:
    • Must be determined by converting actual earnings in to current dollars through an indexing factor.
    • Is determined from wage information over prior years’ work.
    • Uses the highest 35 years of indexed earnings (for workers that worked at least that long)
    • Yields an average amount of monthly earnings for all indexed years.
    • All of the above.
  • If a person who was born in 1962 starts collecting Social Security at age 62 how much will their monthly benefit be reduced by?Will this be a temporary or a permanent reduction in benefits?
  • Robert (age 66) and Jane (age 66) are married and just started collecting Social Security benefits.Assume that Robert started collecting Social Security Benefits at his full retirement age, and his PIA is $2,000 per month.Jane’s PIA based upon her work record is $900 per month.What is the maximum Jane can receive in monthly Social Security benefits right now?How much can she receive when Robert dies?
  • A person who is eligible for $1,200 per month in full retirement benefits at age 67 decides to wait until age 70 to start collecting Social Security.How much will the monthly benefit be for the remainder of their life?
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