S benefit is $4,194 (A
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What is the maximum monthly social security benefit a person can receive if retiring exactly 1 year after full retirement age in 2022?
Group of answer choices
$3,613
$3,345
$3,500
$4,148
2022 max monthly SS benefit is $4,194 (Age 70) • 2022 max monthly SS benefit is $3,345 (Full Retirement Age) • 2022 max monthly SS benefit is $2,364 (Age 62) • Benefits are increased annually to account for inflation
(Cost of Living Adjustments).•
2011-2021 Average = 1.60%
2022 = 5.9%
Step by step
Solved in 2 steps
- The following information pertains to a defined benefit pension plan that Arora Inc. sponsors in 2020. PBO balance, January 1, 2020 $160,000 Service cost 19,000 Interest cost 11,200 Prior service cost adjustment based on past service, January 1, 2020 30,000 Amortization of prior service cost 3,000 Actuarial gain on PBO 6,000 Benefits paid to retirees 2,500 Contributions to plan 18,000 What is the PBO balance on December 31, 2020? Select one: a. $228,700 b. $216,700 c. $211,700 d. $193,700Blossom Inc. has beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets. Projected Benefit Obligation Plan Assets Value 2024 $1,080,000 $972,000 2025 1,350,000 1,188,000 2026 1,728,000 1,566,000 2027 2,268,000 2,160,000 The average remaining service life per employee in 2024 and 2025 is 8 years and in 2026 and 2027 is 11 years. The net gain or loss that occurred during each year is as follows: 2024, $178,200 gain; 2025, $43,200 gain; 2026, $32,400 loss; and 2027, $16,200 loss. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.) Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the 4 years, setting up an appropriate schedule. (Round answers to O decimal places, e.g. 22,500.)What's AllenCo's total "pension expense" for 2020?
- Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) Beginning of 2025 Return on plan assets, 15% (10%) expected)…not use ai please don'tElectronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2024 ($ millions) $600 300 85 65 28 (60) 13 75 The expected long-term rate of return on plan assets was 6%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $16 million. Required: 1. Calculate the pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2024. 3. What amount will Electronic Distribution report in its 2024 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Required 1…
- 3b. The following information is available for the pension plan of Vaughn Company for the year 2020. Actual and expected return on plan assets $ 14,700 Benefits paid to retirees 40,800 Contributions (funding) 81,100 Interest/discount rate 10 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 458,000 Service cost 63,900 (a) Your answer has been saved. See score details after the due date. Compute pension expense for the year 2020. Pension expense for 2020 $enter pension expense for 2017 in dollars Attempts: 1 of 1 used (b) Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for…The pension worksheet for Carla Vista Industries is shown below. Carla Vista Industries Pension Worksheet General Journal Entries Memo Record Annual Pension Projected Pension Items Expense Cash Asset/ Liability Benefit Obligation Plan Assets Balance, Jan. 1, 2025 $22000 dr $259000 cr $281000 dr (a) Service Cost $63000 dr 63000 cr (b) Interest Cost 34000 dr 34000 CE (c) Actual Return 35000 cr 35000 dr (d) Contributions $49000 cr 49000 dr (e) Benefits ?? dr 22 cr Journal Entry for 2025 $62000 dr $49000 cr 13000 cr Balance, Dec. 31, 2025 $9000. dr 22 $279000 What amount of benefits were paid during 2025? O $63000 O $86000 O $49000 O $62000Presented below is information related to Ivanhoe Inc. pension plan for 2021. Service cost $ 860000 Actual return on plan assets 200000 Interest on projected benefit obligation 420000 Amortization of net loss 70000 Amortization of prior service cost due to increase in benefits 170000 Expected return on plan assets 190000 What amount should be reported for pension expense in 2021? 1100000 1320000 1510000 1330000
