Myra Retired Last Year from Whiplash Company After Working There

question 85

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 2017, 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:

Argentina

A country located in the southern half of South America, known for its diverse landscapes, rich culture, and significant contributions to agriculture and global markets.

World Population

The total number of humans currently living on earth, a figure that is continuously changing due to births and deaths.

Supply Chains

Networks of individuals, organizations, resources, activities, and technology involved in the creation and sale of a product, from the delivery of source materials from the supplier to the manufacturer, and eventually to the end user.

Comparative Advantage

An economic theory that refers to the ability of any given economic actor to produce goods and services at a lower opportunity cost than other economic actors.