social security benefits received during the year?

Solutions

Expert Solution

Solution= SOCIAL SECURITY BENEFIT>

Social Security benefits include monthly:

Retirement benefits
Survivor benefits
Disability benefits

Social Security in the United States is largely the Old-Age, Survivors and Disability Insurance federal program.However, you don't always include Social Security benefits in your taxable income. Once you reach retirement age, whether your Social Security benefits are taxable depends on your filing status and how much other income you receive.

Taxability of Social Security benefit> If your Income exceeds the thrushhold limit.

The result of these calculations will be that you pay taxes on the lower of:

85% of your Social Security benefits
50% of the benefits plus 85% of the amount of combined income over the second threshold amount
50% of the amount of combined income over the first threshold amount, plus 35% of the amount of combined income over the second threshold amount,

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

During the current year, Margaret and John received $24000 in Social Security benefits. The amount of...

During the current year, Margaret and John received $24000 in Social Security benefits. The amount of their adjusted gross income for the year before any Social Security income was $35000 and they received $9000 in tax-exempt income. What is the amount of Social Security income that will be included in AGI?

During the 2019 tax year, Thomas and Yolanda received $30,000 in Social Security benefits. The amount...

During the 2019 tax year, Thomas and Yolanda received $30,000 in Social Security benefits. The amount of their pension for the year was $33,000 and they received tax-exempt interest income of $18,000. Calculate the amount of the Social Security benefits that Thomas and Yolanda must include in their gross income for 2019. SHOW ALL WORK!

George and Weezy received $28,100 of Social Security benefits this year ($10,500 for George; $17,600 for...

George and Weezy received $28,100 of Social Security benefits this year ($10,500 for George; $17,600 for Weezy). They also received $4,550 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Weezy include in their gross income under the following independent situations? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) c. George and...

George and Weezy received $27,500 of Social Security benefits this year ($10,200 for George; $17,300 for...

George and Weezy received $27,500 of Social Security benefits this year ($10,200 for George; $17,300 for Weezy). They also received $4,400 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Weezy include in their gross income under the following independent situations? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) b. George and...

A married couple received $8,000 of social security benefits. Calculate the taxable amount of those benefits...

A married couple received $8,000 of social security benefits. Calculate the taxable amount of those benefits if the couple’s provisional income is $17,500. Calculate the taxable amount of those benefits if the couple’s provisional income is $35,000. Calculate the taxable amount of those benefits if the couple’s provisional income is $50,000.

Grady received $8,800 of Social Security benefits this year. Grady also reported salary and interest income...

Grady received $8,800 of Social Security benefits this year. Grady also reported salary and interest income this year. a. Grady files single and reports salary of $13,600 and interest income of $400 b. What amount of the benefits must Grady include in his gross income under the following five independent situations? (Leave no answer blank. Enter zero if applicable.) c. Grady files married joint and reports salary of $78,000 and interest income of $650. d. Grady files married joint and...

Grady received $8,800 of Social Security benefits this year. Grady also reported salary and interest income...

Grady received $8,800 of Social Security benefits this year. Grady also reported salary and interest income this year. a. What amount of the benefits must Grady include in his gross income under the following five independent situations? (Leave no answer blank. Enter zero if applicable.) b. Grady files single and reports salary of $23,650 and interest income of $750. c.Grady files married joint and reports salary of $78,000 and interest income of $650. d.Grady files married joint and reports salary...

Evelene and Arley file MJF. Evelene received $15,424 and Arley received $27,452 in social security benefits....

Evelene and Arley file MJF. Evelene received $15,424 and Arley received $27,452 in social security benefits. Arley also received $22,148 from his pension and $2,378 in interest. their combined taxable social security benefits are _______.

Tax Drill - Social Security Benefits Determine the taxable amount of social security benefits for the...

Tax Drill - Social Security Benefits Determine the taxable amount of social security benefits for the following situations. If an amount is zero, enter "$0". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, $_____ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000...

Required: A married couple received $8,200 of social security benefits. Calculate the taxable amount of those...

Required: A married couple received $8,200 of social security benefits. Calculate the taxable amount of those benefits if the couple’s provisional income is $18,000. Calculate the taxable amount of those benefits if the couple’s provisional income is $35,500. Calculate the taxable amount of those benefits if the couple’s provisional income is $51,000 Taxable amount of benefits a b c

Subjects