The Sociat Securty Administration has a computerized service that determines your benefits because Social Security benefits are based on a fairly. complicated formula. In fact, the government is required to provide all covered workers with a Social Secunty statement. Identify the range or benefits you can expect. - If you retire at age 62 , benefits of to % your. - If you retire at age 65 to 67 , receipt of - If you delay retirement until age 70 , you can receive in your benefits. Jake, a. 66 years old worker, is deciding between retirement either this year or the next year, His average monthly benefit is determined to be $2,323.25. Assume that the benefit is the same for this year and the next yeac. Compute Jake's annual benefit reduction amounts in each of the following scenarios. - If Jake retires this year and secures a part-time job earning $17,000, his annual benefit reduction amount is - If Jake retires this year, secures the same part-time job, and in addition projects interest and dividend earnings of $7,000 per year, what his annuat benefit reduction amount is. - If Jake retires next year and secures the same part-time job, the annual benefit reduction amount is Taxes on Benefits Sociat Security is paid in with after-tax dollars but may be subject to tax if annual income exceeds a base amount. A single taxpayer's base is \$25,000. Married taxpayers filing jointly have a base of \$32,000, Married taxpayers filing separately have a base of zero. Suppose Nick is retiring this year at age 67. The following table shows his data. Based on the income calculated, Nick will have % of his Social Secunity benefits taxed