sarah was born on May 18, 1955 A. For Social Security, what is her Full Retirement...

sarah was born on May 18, 1955

A. For Social Security, what is her Full Retirement Age?

B. Describe what would happen to her social security benefits, in general terms, if she elected to start receiving her social security benefits at age 62.

C. Describe what would happen to her social security benefits, in general terms, if she elected to start receiving her social security benefits at age 70

D. Sarah and her husband file a joint tax return and have both reached Full Retirement Age. Jane is working part time and their combined income is more than $44,000. Will the social security benefits be taxable and, if so, up to what percent of the benefits would be taxable?

Expert Solution

A) For social insurance, Sarah's full retirement age are going to be 66years and a pair of months i.e. Gregorian calendar month eighteen 2021. B) If she elects to start out receiving her social insurance edges at age sixty two then the profit quantity are going to be received to seventy four.2% of the monthly profit . C) If she elects to start out receiving her social insurance edges at age of seventy, she'll get a hundred thirty.7 you look after the monthly profit as a result of you delayed obtaining edges for forty six months. D) Yes, social insurance edges are going to be nonexempt upto eighty fifth of their edges as Sarah and her husband area unit filling joint official document and their combined financial gain is quite $44000.

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ekkarill92 answered 1 year ago

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