1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
murzikaleks [220]
2 years ago
6

A major concern with Social Security is the possibility that funds will not be available when today’s tax-payers retire to becom

e beneficiaries. According to the Social Security Trustee’s report, an increase of 1.89% in the Social Security payroll tax would keep the account full for the next 75 years. To achieve similar results, benefits would have to be decreased from the current 42% of the ending salary to 29% of the salary. Cindy is relatively new to the workforce. She has 32 years until she can retire. Her current annual salary is $45,000. 1a) Calculate how much Cindy will have to pay in Social Security tax (6.2%) based on this salary. 1b) Calculate how much Cindy will have to pay in Social Security tax if the tax was increased by 1.89%. 2a) Calculate Cindy’s annual Social Security benefit (about 42%) if her salary remains unchanged until she retires (annual average is $45,000). 2b) Calculate Cindy’s annual Social Security benefit if her salary remains unchanged but benefits (based on her annual salary of $45,000) were cut from 42% to 29%. 3) If Cindy were given a choice between the increase in Social Security tax now or the decrease in Social Security benefits when she retires, which would you recommend she choose? Explain your answer thoroughly.
Business
2 answers:
Luba_88 [7]2 years ago
5 0

Answer:

1a) 45,000 * 6.2% = 2,790

1b) 45,000 * (6.2% + 1.89%) = 45,000 * 8.09% = 3,640.50

2a) 45,000 * 42% = 18,900

2b) 45,000 * 29% = 13,050

3) I think it would be better to have an increase in Social Security tax now and receive 18,900 as annual pension rather than the decrease in Social Security benefits when she retires.

Explanation:

Karolina [17]2 years ago
3 0

Answer:

...well Why cant the just . .

Explanation:

You might be interested in
List TWO consequences for a company if they receive a qualified audit opinion
Lorico [155]
It can affect the company's ability to get a lending (borrow money). It can also affect the chances of finding an investor.
6 0
2 years ago
______________ specifies sales revenues and selling distribution and marketing costs.
frez [133]
To answer the question above as the which specifies the sales revenue and selling distribution and marketing costs is letter B, Sales budget. The answer lies in the question itself. Sales revenues,distribution and the marketing cost are all related to the sales budget. Sales budget controls the expenditure or resources related to sales.
3 0
3 years ago
Why do we have to have an internet connection to use this app
Sergeeva-Olga [200]
Basically Brainly is an academic version of Facebook. It allows for the real-time communication of people who either need help or are helping.
8 0
3 years ago
You want to estimate the proportion of adults who make over $50,000 a year in your county. According to a study done two years a
gtnhenbr [62]

Answer and Explanation:

D. n = AP Statistics Semester 2  

8 0
3 years ago
Describe the final step in the adjusting process. The final step is to determine the correct balance of an account. The final st
Ket [755]

Answer:

The Final Step is 'post to a trial balance so financial statements can be prepared'

Explanation:

The accounting cycle has, in most theory analysis, 8 steps that will serve to record and process all financial transactions of a company, beginning at the transactions itself and ending at resetting the balance so a new cycle can begin. The steps are:

1) The occurrence of Financial Transactions

2) The record of those transactions in the company journal

3) The summary of all journal’s transactions in the general ledger

4) The calculation of a total balance for all accounts

5) The corrections of error in balances by the bookkeeper

6) The posting of adjustments in all accounts

7) The manufacture of financial statements using the correct balances

8) The close of revenue and expense accounts to open a new cycle

8 0
3 years ago
Other questions:
  • God will remain faithful only as long as man believes.<br><br><br> True False
    9·1 answer
  • University Car Wash built a deluxe car wash across the street from campus. The new machines cost $213,000 including installation
    7·1 answer
  • One of the differences between managers and leaders is that managers focus on visions, missions, goals, and objectives, and lead
    13·1 answer
  • An investment adviser that is a sole proprietor finds that its net worth (net capital) has fallen below the minimum requirement.
    5·1 answer
  • If Ben invests $3500 at 4% interest per year, how much additional money must he invest at 5 1 2 % annual interest to ensure that
    6·1 answer
  • \On January 1, year 4, Purl Corp. purchased, as a long‐term investment, $500,000 face value Shaw, Inc. 8% bonds for $456,200. Th
    7·1 answer
  • The chart of accounts is designed to
    13·1 answer
  • The national defense of the United States is not rival because
    14·1 answer
  • On February 1, a customer's account balance of $2,700 was deemed to be uncollectible. What entry should be recorded on February
    11·1 answer
  • You are asked to study the causal effect of hours spent on employee training​ (measured in hours per worker per​ week) in a manu
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!