Jessie, an unmarried taxpayer using the single filing status, received $16,000 of Social Security retirement benefits...
Jessie, an unmarried taxpayer using the single filing status, received $16,000 of Social Security retirement benefits in 2019. Jessie also received $5,000 of interest income and $75,000 of income from her retirement plan during the year. How much of Jessie’s Social Security benefits must be included in her gross income? 1. $0. 2. $13,600. 3. $16,000. 4. $8,000.
Homework Answers
ANSWER
Correct Option (2)=$13,600
ITS LIKE 85% OF YOUR RECEIPTS FOR SOCIAL SECURITY BENEFITS WILL BE TAXABLE.
SO THE AMOUNT IS 16000*0.85=$13,600.
$13,600 WILL BE INCLUDED IN GROSS INCOME OF THIS YEAR.
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