Answer the following questions regarding the taxability of Social Security benefits: a. A 68-year-old taxpayer has $20,000 in Social Security income and $100,000 in tax-free municipal bond income. Does the municipal bond income affect the amount of Social Security the taxpayer must include in income? Tax-free municipal bond income has no affect in determining X the amount of taxable Socia has no affect in determining is added to AGI in the formula to determine b. A 68-year-old taxpa other taxable or tax-fre is deducted Nom AGI in the formula to determine How much of the Social Security income must the taxpayer include in taxable income? $17,000 X c. A 68-year-old taxpayer has $20,000 in Social Security income and has significant other taxable retirement income. What is the maximum percentage of Social Security that the taxpayer might be required to include in taxable income? 85 % Study 01S cuteurem Aulemper review riEVIEW IT VITICUW Large rieVIC Answer the following questions regarding the taxability of Social Security benefits: a. A 68-year-old taxpayer has $20,000 in Social Security income and $100,000 in tax-free municipal bond income. Does the municipal bond income affect the amount of Social Security the taxpayer must include in income? Tax-free municipal bond income has no affect in determining X the amount of taxable Social Security benefits. b. A 68-year-old taxpayer has $20,000 in Social Security income and no other taxable or tax-free income. How much of the Social Security income must the taxpayer include in taxable income? $1 mpoo X $0 ar-old taxpayer has $20,000 in Social Security income and has $17,000 ther taxable retirement income. $20,000 maximum percentage of Social Security that the taxpayer might be required to include in taxable income? 85 % Bey Contot Terms of use Copyright Notices | Cengage Technical Support Facility