I am needing some help figuring out the blanks. I have been working on this problem for a couple of hours and was hoping someone can walk me through it. Thank You
For married filing jointly, the social security benefits are taxable to 50% for the combined income between $32,000 and $44,000.
For married filing jointly, the social security benefits are taxable to 85% for the combined income more than $44,000.
Part A
Taxable amount of social security benefits is lower of the following two:
Taxable amount of social security benefits = 14560*50% = $7280
Taxable amount of social security benefits = 41600+(14560*50%)-32000 = $16880
Therefore,
Taxable amount of social security benefits = $7280
Part B
Taxable amount of social security benefits is lower of the following two:
Taxable amount of social security benefits = 18040*50% = $9020
Taxable amount of social security benefits = 16400+(18400*50%)-32000 = -6440 = $0
Therefore,
Taxable amount of social security benefits = $0
Part C
Taxable amount of social security benefits is lower of the following two:
Taxable amount of social security benefits = 15000*85% = $12750
Taxable amount of social security benefits = 100000+(15000*85%)-44000 = $6750
Therefore,
Taxable amount of social security benefits = $12750
I am needing some help figuring out the blanks. I have been working on this problem...
Need some help please. I tried 7,280, 12,160 and 12,376 are all wrong Determine the taxable amount of social security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "O". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $41,600, no tax-exempt interest, and $14,560 of Social Security benefits. As a result, $ 7,280 X of the Social Security benefits...
Having some problems with part A. Can someone please walk me through please. Determine the taxable amount of social security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "O". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $41,600, no tax-exempt interest, and $14,560 of Social Security benefits. As a result, $ 7,280 X of the Social Security benefits...
Determine the taxable amount of social security benefits for the following situations. If required, round your answers to the nearest dollar. 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 $41,600, no tax-exempt interest, and $14,560 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $16,000, no tax-exempt...
Exercise 4-27 (Algorithmic) (LO.4) Determine the taxable amount of social security benefits for the following situations. If required, round your answers to the nearest dollar 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 $41,600, no tax-exempt interest, and $14,560 of Social Security benefits. As a result, 7,280 | X of the Social Security benefits are taxable.
Exercise 4-27 (Algorithmic) (LO.4) Determine the taxable amount of social security benefits for the following situations. If required, round your answers to the nearest dollar. 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 $41,000, no tax-exempt interest, and $14,350 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income...
Exercise 4-26 (Algorithmic) (LO. 4) Determine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "o". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $43,000, no tax-exempt interest, and $15,050 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross...
Exercise 4-26 (Algorithmic) (LO. 4) Determine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest dollar. 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 $42,400, no tax-exempt interest, and $14,840 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross...
Exercise 4-26 (Algorithmic) (LO.4) Determine the taxable amount of social security benefits for the following situations. If required, round your answers to the nearest dollar If an amount is zero, enter "0". a. Erwin and Heanor are married and file a joint tax return. They have adjusted gross income of $42,600, no tax-exempt interest, and $14,910 of Social Security benefits. As a result, $ x of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross...
a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $43,000, no tax-exempt interest, and $15,050 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $17,800, no tax-exempt interest, and $19,580 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. c. Assume Erwin and Eleanor have adjusted gross income of...
Determine the taxable amount of social security benefits for the following situations. If required, round your answers to the nearest dollar. 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 $43,000, no tax-exempt interest, and $15,050 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Erwin and Eleanor have adjusted gross income of $17,400, no tax-exempt...