Use the Following Formula to Answer the Indicated Question: Benefit

question 60

Multiple Choice

Use the following formula to answer the indicated question: Benefit amount = Maximum award - 0.4 (Wages in excess of ceiling) Renard is retired and earns $10,000 per year working part-time.He is entitled to a maximum Social Security retirement benefit of $12,000.Social Security regulations allow him to earn $7,000 and still get maximum benefits.If he increases the number of hours he works and thus increases his earnings to $20,000,his total income will increase by

• A)$6,000.
• B)$7,000.
• C)$10,000.
• D)$26,800.

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