Financial Algebra © Cengage/South-Western Slide 1 9-2 SOCIAL SECURITY BENEFITS Understand the benefits paid by Social Security. Understand how benefits.

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Presentation transcript:

Financial Algebra © Cengage/South-Western Slide SOCIAL SECURITY BENEFITS Understand the benefits paid by Social Security. Understand how benefits are computed. Compute federal income tax on benefits that are paid under Social Security. OBJECTIVES

Financial Algebra © Cengage Learning/South-Western Slide 2 Old-Age, Survivors, and Disability Insurance (OASDI) Social Security benefit full retirement age Social Security statement Social Security credit Key Terms

Financial Algebra © Cengage Learning/South-Western Slide 3 Example 1 In 2009, Jose had two jobs. He earned $73,440 working at a nursing home the first 8 months. He switched jobs in September and began to work in a hospital, where he earned $42,566. How much Social Security tax did he overpay?

Financial Algebra © Cengage Learning/South-Western Slide 4 Example 2 Beth earned $5,600 working part-time during the first half of the year in She then left for college and didn’t work. How many Social Security credits did she receive?

Financial Algebra © Cengage Learning/South-Western Slide 5 EXAMPLE 3 Marissa reached age 62 in She did not retire until years later. Over her life, she earned an average of $2,300 per month after her earnings were adjusted for inflation. What is her Social Security full retirement benefit?

Financial Algebra © Cengage Learning/South-Western Slide 6 EXAMPLE 4 Marissa from Example 3 retired at age 65. What will her monthly benefit be, since she did not wait until age 67 to receive full retirement benefits?

Financial Algebra © Cengage Learning/South-Western Slide 7 EXAMPLE 5 Ryan has retired and is qualified to receive Medicare. In 2008, he paid the standard monthly premium. How much did he pay for the year?