Financial Planning Exercise 5 Average Social Security benefits and taxes Use Exhibit 14.3 to estimate the average Social Security benefits for a retired couple. Assume that one spouse has a part-time job that pays $28,000 a year, and that this person also recelves another $36,500 a year from a company pension. Assume that the earnings limit was $17,640 per year. Aso assume for Social 5 ecurity benefits the recipients are aged below 67 and will lose $1 in benefits for every $2 they eam above the earnings test amount. Also assume that they would have to pay taxes of 50% on a combined income between $32,000 and $44,000 of their social Security benefits. If their combined income is more than $44,000, up to 85% of their 50 ial Security benefits is subject to income tax. Round your answer to the nearest dollar. 5 Based on current policies, what would be the amount of social security income liable for taxi Enter zero, if no tax is liable. Round your answer to the nearest doliar. 5