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:

1. C
2. D
3. B
4. A

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

---

NEED TO BRUSH UP OR TRAIN YOUR STAFF?
Check out our highly acclaimed, nationally recognized Training Calendar!​

 

 

Actions: E-mail | Permalink |