Question

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Question 24 of 30. Bob (69) and Carol (67) are married and file a joint return. Their gross income (including 1/2 of their social security for 2018 was $48,050. Choose the response that best completes this sentence. Up to of the soci may be taxable. O 0% 50% O 85% O 100% Mark for follow up Question 25 of 30. Melanie, age 66, files single. In 2018, she earned $20,000 in wages and $1,500 in taxable interest income. She received $11,500 in social security benefits. Choose the response that best completes this sentence. Up to o f her social security benefits may be taxable. O 0% O 50% 85% O 100% Mark for follow up

Answer 1

c) 85%

Because for married couples filing jointly, you will pay taxes on up to 50% of your Social Security income if you have a combined income of $32,000 to $44,000. If you have a combined income of more than $44,000, you can expect to pay taxes on up to 85% of your Social Security benefits.

Combined income = $ 48,650( i.e > $ 44,000)

So, 85% of your social security benefits are taxable.

2) b) 50%

Combined income = $ 20,000 + $ 1,500 + $ 11,500*50% = $ 27,250 (i.e. > $ 25,000)

So, 50% of your social security benefits are taxable.

Because single filers with a combined income of $25,000 to $34,000 must pay income taxes on up to 50% of their Social Security benefits. If your combined income was more than $34,000, you will pay taxes on up to 85% of your Social Security benefits.