Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sumit knows about the Old Age Security (OAS) pension clawback but is unsure how to calculate it for him and his wife. In 2021, the

image text in transcribed

Sumit knows about the Old Age Security (OAS) pension clawback but is unsure how to calculate it for him and his wife. In 2021, the OAS pension is clawed-back or reduced by 15% above $79,845. Sumit and his wife are both receiving monthly pensions of $615.38. His net income is $130,000 while his wife's net income is $82,000. What is the total amount they have to repay in 2021? Minimum Recovery Threshold $79,845 Maximum Recovery Gre reshold 129.075 A $7,061.25 B $7,707.75 C $7,384.50 D $14,769.00 E $13,833.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Finance Fundamentals

Authors: K. Moeti

3rd Edition

148512946X, 9781485129462

More Books

Students also viewed these Finance questions