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At the end of 2020, Elizabeth Regina retired after 19 years of participation in her employer's defined benefit pension plan. The pension plan provides a benefit based on 1.5% of her best earnings over three consecutive years. Elizabeth's earnings during the past seven years are the highest throughout her career. If Elizabeth earned $59,000 in 2014, $65,000 in 2015, $70,000 in 2016, $74,000 in 2017, $68,000 in 2018, $73,000 in 2019 and $71,000 in 2020, what will be Elizabeth's annual pension? $18430 $20140 $19855 $20435

At the end of 2020, Elizabeth Regina retired after 19 years of participation in her employer's defined benefit pension plan. The pension plan provides a benefit based on 1.5% of her best earnings over three consecutive years. Elizabeth's earnings during the past seven years are the highest throughout her career. If Elizabeth earned $59,000 in 2014, $65,000 in 2015, $70,000 in 2016, $74,000 in 2017, $68,000 in 2018, $73,000 in 2019 and $71,000 in 2020, what will be Elizabeth's annual pension? $18430 $20140 $19855 $20435

SWFT Individual Income Taxes
SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 14CE
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At the end of 2020, Elizabeth Regina retired after 19 years of participation in her employer's defined benefit pension plan. The pension plan provides a benefit based on 1.5% of her best earnings over three consecutive years. Elizabeth's earnings during the past seven years are the highest throughout her career. If Elizabeth earned $59,000 in 2014, $65,000 in 2015, $70,000 in 2016, $74,000 in 2017, $68,000 in 2018, $73,000 in 2019 and $71,000 in 2020, what will be Elizabeth's annual pension? $18430 $20140 $19855 $20435
Transcribed Image Text:At the end of 2020, Elizabeth Regina retired after 19 years of participation in her employer's defined benefit pension plan. The pension plan provides a benefit based on 1.5% of her best earnings over three consecutive years. Elizabeth's earnings during the past seven years are the highest throughout her career. If Elizabeth earned $59,000 in 2014, $65,000 in 2015, $70,000 in 2016, $74,000 in 2017, $68,000 in 2018, $73,000 in 2019 and $71,000 in 2020, what will be Elizabeth's annual pension? $18430 $20140 $19855 $20435
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