George and Weezy received $31,700 of Social Security benefits
this year ($12,300 for George; $19,400 for Weezy). They also
received $5,450 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 Weezy file married joint and receive $34,800 of dividend income from stocks owned by George.
1. If george george and Weezy file federal tax individually, then they have to pay tax as per following criteria:
Your adjusted gross income
+ Nontaxable interest
+ ½ of your Social Security benefits
= Your "combined income
Tax Liability for George-
Non Taxable Interest=(5450*123/317)= $2114.67
1/2 of Social Benefits= 12300/2= $6150
Combined Income= 2114.67+6150=$ 8264.67
If Combined income fall between $25000 and $34000 then tax will be 50% of benifits received.
So, tax in this situation will be 50% of $12300= $6150.
2.
George and Weezy received $31,700 of Social Security benefits this year ($12,300 for George; $19,400 for...
George and Weezy received $29,500 of Social Security benefits this year ($11,200 for George; $18,300 for Weezy). They also received $4,900 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...
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George and Weezy received $29,500 of Social Security benefits this year ($11,200 for George; $18,300 for Weezy). They also received $4,900 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? c. George and Weezy file married joint and receive $32,600 of dividend income from stocks owned by George. Amount to be included d. George and Weezy...
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