In 2013, workers earned one credit towards Social Security for every $1,160 in earnings, up to a maximum of four credits per year. Jeni earns $4,350 per year at her part-time job. At this rate, how long will it take her to be eligible for Social Security benefits? Answers A.11 years B.10 years C.15 years D.14 years

DealsToday offers its employees a defined contribution plan. The company matches employee contributions at 75% up to 8% of salary. Scott works for DealsToday, and he earns an annual salary of $69,495. Suppose Scott decides to contribute $150 per month to his retirement account. What is the total contribution to his retirement account each year?

The following information is available for the employees of Webber Packing Company for the first week of January Year 1 1.    Kayla earns $26 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 50 hours the first week in January. Kayla’s federal income tax withholding is equal to 11 percent of her gross pay. Webber pays medical insurance of $100 per week for kayla and contributes $57 per week to a retirement plan for her. 2.    Paula earns a weekly salary of $1,150. Paula’s federal income tax withholding is 17 percent of her gross pay. Webber pays medical insurance of $145 per week for Paula and contributes $135 per week to a retirement plan for her. 3.    Vacation pay is accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $75 per week for Paula. Assume the Social Security tax rate is 6 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent of total salaries. The state unemployment tax rate is 5.4…

Liliana, who is a senior at Canyon High School, worked at Buff Coffee House from January to mid-February in 2023 and earned $3,000. She was unemployed until December, when she was hired by Macy’s. She earned $2,000 during December. How many quarters of coverage has Liliana earned for Social Security during this year?   A. 1   B. 4   C. 3   D. 2

F1

You just graduated and started your new job. Your starting salary is $60,000/year. Your employer's 401(k) plan states that your employer will contribute 2% of your salary to your 401(k) regardless of whether you make any contributions or not - this is called a "non-elective contribution". They will also match your contributions, $1-for $1, up to 4% of your salary. Please answer the following questions: How much ($) will your employer contribute to your 401(k) per year if you make $0 contributions? (this is a non-elective contribution from your employer) $ 1200 What is the minimum amount ($) that you must contribute per year to get the maximum match from your employer? $2400 Assume that you make the minimum contribution to get the maximum match from your employer. What is the total amount ($) that will be contributed to your 401(k) for the year, including the employer's non-elective contribution, the employer's matching contribution, and your contribution? $ 6000 Assume that this annual…

The following Information is available for the employees of Webber Packing Company for the first week of January Year 1: Kayla earns $27 per hour and 1½ times her regular rate for hours over 40 per week. Kayla worked 45 hours the first week in January. Kayla's federal Income tax withholding is equal to 9 percent of her gross pay. Webber pays medical insurance of $75 per week for Kayla and contributes $55 per week to a retirement plan for her. Paula earns a weekly salary of $1,400. Paula's federal Income tax withholding Is 19 percent of her gross pay. Webber pays medical insurance of $105 per week for Paula and contributes $120 per week to a retirement plan for her. Vacation pay ls accrued at the rate of 2 hours per week (based on the regular pay rate) for Kayla and $70 per week for Paula. Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate Is 1.5 percent of total salaries. The state unemployment tax rate is 5.4 percent and…

On January 1, a woman deposits $5000 in a credit union that pays 8% nominal annual interest, compounded quarterly. She wishes to withdraw all the money in five equal yearly sums, beginning December 31 of the first year. How much should she withdraw each year?

6. An employee, who had been with the company for 6 years, passed away on August 31, 2021. She had been earning a monthly salary of $5,900 and had regular CPP and El deductions taken off this salary on every cheque up to and including her August 31 payment. Calculate: a) Her maximum CPP contribution for the year. b) How much should be refunded to her estate, if any? cpp rate 5.45% cpp annual basic exemption $3,500 maximum insurable earnings $56,300 premium rate 1.58% Maximum annual employee premium $889.54

Anny’s full retirement age is 66 years and 2 months. Her PIA at full retirement age is $1200. She wants to retire early and receive the benefit at age 63. (a). How many months does she retire earlier than full retirement age (in months).  __________months (b).What's the percentage of reduction in her retirement benefit (in %, keep two decimals if applicable).  __________% (c). What’s her monthly benefit if she retires early and starts to receive the benefit at age 63 (in $, keep two decimals if applicable)?  $_____________