Question

QUESTION 19 At most no more than 50 percent of Social Security benefits must be included in a taxpayer's gross income. True False QUESTION 20 A partner is taxed on only his/her withdrawals from the partnership True False QUESTION 21 Marta is a scholarship recipient, but is claimed by her parents as a dependent Marta's taxable portion of the scholarship is considered earned income for purposes of calculating the standard deduction True False
True and False

Answer 1

QUESTION 19

The above statement is True. Upto 50% of Social Security Benefits are taxable for individuals with a combined income of $25,000 or a couple jointly with a combined income of $32,000.

QUESTION 20

The above statement is False. The partners in the Partnership must pay tax on the partnership profit's share i.e., total sales minus total expenses instead of money withdraw from the business.

QUESTION 21

The above statement is True. The taxable scholarship money will be considered as taxable income and considered as standard deduction.