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:

Economic Development

The process of improving the economic well-being and quality of life for a community, by increasing incomes and reducing poverty.

Pollution Cleanup

The removal of pollutants from the environment, including soil, water, and air, to reduce their harmful effects on human health and ecosystems.

Pollution Control Technology

Processes and equipment designed to reduce or eliminate the release of harmful substances into the environment.

Economically Depleted

pertains to a state of significant reduction in economic resources, wealth, and productivity, often leading to downturns in living standards and financial stability.