All of the following statements regarding Social Security beneficiaries are correct EXCEPT: monthly benefits can be...
All of the following statements regarding Social Security beneficiaries are correct EXCEPT:
monthly benefits can be paid to a disabled insured worker under age 65
benefits can be paid to the divorced spouse of a retired or disabled worker entitled to benefits if age 62 or over and married to the worker for at least 10 years
benefits can be paid to the surviving spouse (including a surviving divorced spouse) of a deceased insured worker if the widow(er) is age 60 or over
benefits can be paid to the dependent parents of a deceased insured worker who are age 59 or over
Homework Answers
The correct answer is the last option: benefits can be paid to the dependent parents of a deceased insured worker who are age 59 or over
All the first three options are correct regarding Social Security beneficiaries. Under some circumstances, dependent parents of age ≥ 62 can also be paid.
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All of the following statements regarding Social Security
beneficiaries are correct EXCEPT:
monthly benefits can be...
QUESTION 81 Which of the following statenents conceming the reduction of Social Security benefits is (are)...
QUESTION 81 Which of the following statenents conceming the reduction of Social Security benefits is (are) correct? L Besides early retirement, there are two other situations in which beneficiaries can have their benefits reduced: through the retirement earnings limitations test and through taxation of benefits A person generally can continue to work even though he or she is considered "retired" under Social Security; however, those eamings for a person under normal retirement age must not exceed certain limitations. O 1...
All of the following statements regarding the Social Security system are correct EXCEPT: the law allowing...
All of the following statements regarding the Social Security system are correct EXCEPT: the law allowing Social Security taxes to be deducted from workers' paychecks is the Federal Insurance Contributions Act the federal Old-Age and Survivors Insurance Trust Fund pays retirement and survivors benefits the two Medicare trust funds are the federal Hospital Insurance Trust Fund for Part A, and the Supplementary Medical Insurance Trust Fund for Part B the Medicare trust funds are not expected to be exhausted anytime...
Part II. Which type of Social Security benefit is being described for the following? Retired people...
Part II. Which type of Social Security benefit is being described for the following? Retired people aged 65 or older can utilize this for medical and hospital insurance and prescription drug coverage. Individuals can receive these benefits as early as age 6 An employee and certain family members may qualify for benefits based on the person’s work history if the employee has a medical condition that prevents the employee from working. This is a form of life insurance that is...
6) April and Joey are both 74 years old and received $1,500 in nontaxable social security...
6) April and Joey are both 74 years old and received $1,500 in nontaxable social security benefits. Their AGI for the year was $18,000. How much can April and Joey claim as a credit for the elderly or the disabled? A) $300. B) $1,125 C) S1,500. D) $2,000. 7) Tai and Song are ages 69 and 59, respectively, and file a joint return. They have AGI of $20,000 and received $2,000 in nontaxable social security benefits. How much can Tai...
Complete Tax return 1040 and Schedule B How much from their social security benefits is taxable?...
Complete Tax return 1040 and Schedule B
How
much from their social security benefits is taxable?
what is the standard defuction? since they are older then
65
Robert and Vilma Greene are married filing jointly. They are 68 and 66 years old, respectively. Their address is 1001 N.W. 93rd Street, Miami, FL 33168. Additional information about Mr. and Mrs. Greene, who are retired, is as follows: Social security numbers: Robert. 412-34-5670 Date of birth: 10/9/1951 SSA-1099 for Robert shows this...
a. Arnie is a single college student who earned $7,700 working part-time. He had $200 of...
a.
Arnie is a single college student who earned $7,700 working
part-time. He had $200 of interest income and received $1,000 of
support from his parents.
b.
Buddy is a single college student who earned $7,700 working
part-time. He had $1,600 of interest income and received $1,000
of support from his parents.
c.
Cindy is divorced and received $6,000 of alimony from her
former husband and earned $12,000 working as a secretary. She also
received $1,800 of child support for...
33. Concerning Social Security tal Employees can choose to opt out of Social Security following the...
33. Concerning Social Security tal Employees can choose to opt out of Social Security following the repeal of the indical mandate. thi Funding is provided by employee but NOT employer contributions under the growions of the Federal Insurance Contributions ACT (FICA) IcEmployees can retire beginning at age 55, with actuarial mathematically derheber increases to are 75 Id Annual Social Security benefits to retirees currently range from 20% to of preretirement income. le) Contributions are put into a fund that is...
Scenario 6: Noah and Ella Neumann - Who can Noah and Ella claim as a dependent...
Scenario 6: Noah and Ella Neumann - Who can Noah and Ella claim
as a dependent on their 2019 tax return?
file:///C:/Users/verit/Documents/basic_scenarios.pdf
Note: When entering Social Security numbers (SSN) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Noah, age 65, and Ella, age 54, are married. They elect to file Married Filing Jointly. • Their son Leo is 23 years old and a full-time college student in...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
1-How much is taxable from their social security benefits? line 5b 2-How much is the standard...
1-How much is taxable from their social security benefits? line 5b
2-How much is the standard deduction for 2019 since they are
both older then 65? line 9
3-What amout goes on line 12a, 20, and 21a?
2019 Tax return
Robert and Vilma Greene are married filing jointly. They are 68 and 66 years old, respectively. Their address is 1001 NW. 93rd Street Miami, FL 33168. Additional information about Mr. and Mrs. Greene, who are retired, is as follows: Social...
QUESTION 81 Which of the following statenents conceming the reduction of Social Security benefits is (are) correct? L Besides early retirement, there are two other situations in which beneficiaries can have their benefits reduced: through the retirement earnings limitations test and through taxation of benefits A person generally can continue to work even though he or she is considered "retired" under Social Security; however, those eamings for a person under normal retirement age must not exceed certain limitations. O 1...
6) April and Joey are both 74 years old and received $1,500 in nontaxable social security benefits. Their AGI for the year was $18,000. How much can April and Joey claim as a credit for the elderly or the disabled? A) $300. B) $1,125 C) S1,500. D) $2,000. 7) Tai and Song are ages 69 and 59, respectively, and file a joint return. They have AGI of $20,000 and received $2,000 in nontaxable social security benefits. How much can Tai...
Complete Tax return 1040 and Schedule B
How
much from their social security benefits is taxable?
what is the standard defuction? since they are older then
65
Robert and Vilma Greene are married filing jointly. They are 68 and 66 years old, respectively. Their address is 1001 N.W. 93rd Street, Miami, FL 33168. Additional information about Mr. and Mrs. Greene, who are retired, is as follows: Social security numbers: Robert. 412-34-5670 Date of birth: 10/9/1951 SSA-1099 for Robert shows this...
a.
Arnie is a single college student who earned $7,700 working
part-time. He had $200 of interest income and received $1,000 of
support from his parents.
b.
Buddy is a single college student who earned $7,700 working
part-time. He had $1,600 of interest income and received $1,000
of support from his parents.
c.
Cindy is divorced and received $6,000 of alimony from her
former husband and earned $12,000 working as a secretary. She also
received $1,800 of child support for...
33. Concerning Social Security tal Employees can choose to opt out of Social Security following the repeal of the indical mandate. thi Funding is provided by employee but NOT employer contributions under the growions of the Federal Insurance Contributions ACT (FICA) IcEmployees can retire beginning at age 55, with actuarial mathematically derheber increases to are 75 Id Annual Social Security benefits to retirees currently range from 20% to of preretirement income. le) Contributions are put into a fund that is...
Scenario 6: Noah and Ella Neumann - Who can Noah and Ella claim
as a dependent on their 2019 tax return?
file:///C:/Users/verit/Documents/basic_scenarios.pdf
Note: When entering Social Security numbers (SSN) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Noah, age 65, and Ella, age 54, are married. They elect to file Married Filing Jointly. • Their son Leo is 23 years old and a full-time college student in...
1-How much is taxable from their social security benefits? line 5b
2-How much is the standard deduction for 2019 since they are
both older then 65? line 9
3-What amout goes on line 12a, 20, and 21a?
2019 Tax return
Robert and Vilma Greene are married filing jointly. They are 68 and 66 years old, respectively. Their address is 1001 NW. 93rd Street Miami, FL 33168. Additional information about Mr. and Mrs. Greene, who are retired, is as follows: Social...
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