NOTE: The answers and explanations reflected below were updated from the original posting to include a timing correction on the start dates.
Question One
Calculate this household’s income factoring in the new COLA increase of 1.6%? Robert and Marla are adults living in the same unit and both have COLA increases to their income. Robert is receiving $759.63 in Social Security and $106.95 in VA Benefits and Marla is receiving $876.00 in SSI, their recertification date is 12/1/2019. What is the total income for Robert’s SS?
A: $9327.06
B: $9261.36
C: $9249.21
D: $9115.56
What is Robert’s income from VA?
A: $2364.66
B: $1283.40
C: $1283.40
D: $1302.21
What is Marla’s income from SSI?
A: $10,683.24
B: $10,666.11
C: $10,515.00
D: $10,894.21
What is the total income for this household?
A: $21,218.00
B: $21,208.49
C: $20,248.62
D: $21,248.52
Zeffert’s Answer:
Explanation and breakdown:
Things to note: The increase begins in December for SSO/SSD/VA income and SS income is paid one month later beginning in January.
Effective Date
How many months to calculate COLA For SSI/SSD/VA
How many months to calculate COLA for SS
October
2 months at current rate and 10 with the COLA Jan - Sept.
3 months at current rate and 9 with COLA
November
1 month at current rate and 11 with the COLA Jan. - Oct.
2 months at current rate and 10 with the COLA
December
Begin counting for next 12 months
1 month at current rate and 11 with COLA
SS: $759.63 x 1.6%= $12.15
$759.63 + $12.15= $771.78 (new amount of SS after COLA increase)
759.63 x 1 = 759.63 + 771.78 x 11 = $8,489.58 + $759.63 = $9,249.21
VA: $106.95 x 1.6% = $1.71
$106.95 + $1.71 = 108.66 (new amount of VA income after COLA increase)
108.66 x 12 = $1,303.92
SSI: $876.00 x 1.6% = $14.00
$14.00 + $876.00 = $890.00 (new amount after SSI increase)
$890.00 x 12 = $10,680.00
Total household income: $21,233.14
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