Mathematics, 01.04.2021 22:10 SupremeDiaz17
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A major concern with Social Security is the possibility that funds will not be available when today’s tax-payers retire to become beneficiaries. According to the Social Security Trustee’s report, an increase of 1.89% in the Social Security payroll tax would keep the account full for the next 75 years. To achieve similar results, benefits would have to be decreased from the current 42% of the ending salary to 29% of the salary.
Cindy is relatively new to the workforce. She has 32 years until she can retire. Her current annual salary is $45,000.
1a) Calculate how much Cindy will have to pay in Social Security tax (6.2%) based on this salary.
1b) Calculate how much Cindy will have to pay in Social Security tax if the tax was increased by 1.89%.
2a) Calculate Cindy’s annual Social Security benefit (about 42%) if her salary remains unchanged until she retires (annual average is $45,000).
2b) Calculate Cindy’s annual Social Security benefit if her salary remains unchanged but benefits (based on her annual salary of $45,000) were cut from 42% to 29%.
3) If Cindy were given a choice between the increase in Social Security tax now or the decrease in Social Security benefits when she retires, which would you recommend she choose? Explain your answer thoroughly.
Answers: 3
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