Myra Retired Last Year from Whiplash Company After Working There

question 70

Multiple Choice

Myra retired last year from Whiplash Company after working there for 30 years. She elects to take her retirement benefits in the form of a lifetime annuity. Her retirement balance consists of $40,000 of employer contributions, $80,000 of her before-tax contributions, $20,000 of her after-tax contributions, and $60,000 of investment income. The plan will pay her $1,500 per month based on her life expectancy of 22 years. In 2018, Myra receives twelve $1,500 payments. What is her taxable income?

• A) $18,000
• B) $17,091
• C) $14,364
• D) $13,455

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Definitions:

Project Manager

A professional responsible for planning, executing, and closing projects, ensuring they are completed on time, within budget, and to scope specifications.

Log-Log Graph

A graph where both the x-axis and y-axis are on a logarithmic scale, used to display the relationship between variables where changes are multiplicative.

Unit Times

Unit times are the standardized durations assigned to specific tasks, operations, or processes in production and project management.

Logarithmic Approach

A method involving the use of logarithms to simplify complex calculations or model growth rates.