wahid had earned income of $250000 in 2020. wahid's pension adjustment was $12000. how much can wahid invest in rrsp in 2021 considering he had no carry-forward amounts? a. $45000 b. $33000 c. $27830 d. $15830
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wahid had earned income of $250000 in 2020. wahid's pension adjustment was $12000. how much can wahid invest in rrsp in 2021 considering he had no carry-forward amounts? a. $45000 b. $33000 c. $27830 d. $15830
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- Teddy’s earned income was $54,000 in 2021 and $57,000 in 2022. How much can he contribute to his RRSP in 2022 given the following? Carry forward contribution room: $25,000 Pension adjustment: $6,000 Annual maximum: $29,210 Select one: a. $54,210 b. $28,720 c. $29,260 d. $48,210Samuel Survivor is planning to save for retirement 35 years from now. He expects to live 25 years beyond that, and would like an annual retirement income of $38,500 after tax of 3096. What is the lump sum needed to fund retirement, at an expected annual return of 11.2%? A. $357,888 B. $319,561 C. S456,515 D. $479,118 E. None of the aboveMalcolm knows about the Old Age Security (OAS) pension clawback but is unsure how to calculate if for him and his wife. In 2020, the OAS pension is clawbacked or reduced by 15% above $79,054. Malcolm and his wife are both receiving monthly pensions of $613.54. His net income is $130,000 while his wife's net income is $85,000. What is the total amount they have to repay in 2020? Minimum Income Recovery Threshold Maximum Income Recovery Threshold $79,054 $8,254 $14,725 $892 $13,833 $7,362 $128,137
- Question 4 Wahid had earned income of $250,000 in 2020. Wahid's pension adjustment was $12,000. How much can Wahid invest in RRSP's in 2021 considering he had no carry-forward amounts? $45,000 $33,000 $27.830 $15,830Mr. X to retire at age 65 and believes that he can live comfortably with an annual pension of $76,000, to be withdrawn at the beginning of each year in his retirement. Suppose his pension account will generate 9% of annual interest rate, and suppose Mr.X believes tgat he will live to 100. In order to have sufficient money for his retirement , what is the minimum amount that Mr. X must have saved up in his pension account at the time of his retirement at of 65?Accounting Q1: Randall receives a $4,200 monthly payment from a registered annuity. He calculates that 65.2% of the payment is a return of capital and the rest is interest. What portion of the payments would be taxable? Q2: Tony earned $80,000 last year, and there was a $4,800 pension adjustment. He will earn $84,000 this year. How much can he contribute to his RRSP this year, and what is his taxable income this year ?
- 25. Ms. Bates purchased an annuity contract that pays her $120 per month beginning March 1, 2020. The annuity cost her $16,900 and has an expected return of $26,000. How much of this annuity is included in her gross income for 2020?What would the the comuted value of the defined benefit pension plan be in the following example? Frank is leaving his job and pension at age 65 and has 33 years in the defined benefit pension plan which provides 2% per year of service based on the average best five years of income. His best average five years earnings were $75,000. The pension plan assumes life expectancy is age 92 and the rate of return of 1.1%.Your retired client has accumulated investment and retirement assets totaling $7,194,000. Assume the client expects to live for another 29 years and that he assumes an annual inflation rate of 1.79 percent. To leave his heirs the future value of the $7,194,000 at the end of the 29 years, the value of the assets at that time would need to grow to $_____. (Please write the answer in "Your Answer" box). Round the answer to two decimal places.
- 11. During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part-time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty. Question 14 2 pts 12. From the question above, now assume the individual is 71 years old. How much of the yearly $12,000 would they receive while still earning $23,000 from their part-time position?Gail Trevino expects to receive a $580,000 cash benefit when she retires seven years from today. Ms. Trevino’s employer has offered an early retirement incentive by agreeing to pay her $354,000 today if she agrees to retire immediately. Ms. Trevino desires to earn a rate of return of 8 percent. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Required a. Calculate the present value of the $580,000 future cash benefit. Assuming that the retirement benefit is the only consideration in making the retirement decision, should Ms. Trevino accept her employer’s offer? (Round your final answer to the nearest whole dollar value.)1. Louisa is 72 years old. She purchased an annuity in January of 2021 that will pay her $1,500 per month for the rest of her life. Louisa paid $200,000 for the annuity. What is the expected value of Louisa’s annuity? a. $18,000 b. $21,900 c. $200,000 d. $262,800 e. Not able to be determined from this information