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3-In 2020, the annual wage ceiling for workers aged 62-64 was $18,240. Workers could earn up to $18,240 per year without losing any social security
3-In 2020, the annual wage "ceiling" for workers aged 62-64 was $18,240. Workers could earn up to $18,240 per year without losing any social security benefits. Social security benefits were reduced by 50% of any amount earned over of $18,240. This is the formula for figuring the annual benefit when outside income is earned: Annual benefit amount = Maximum award - 0.5(Wage -$18,240) Please enter your responses as whole numbers. No decimals or $signs please. a. How large of a monthly Social Security check would a 63-year-old retiree get if her maximum benefit is $1,400 per month and she continues working for wages of $2,000 per month? b. How large of a monthly Social Security check would a 64-year-old retiree get if his maximum benefit is $4000 per month and he continues working for wages of $2,500 per month? S
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