Answered step by step
Verified Expert Solution
Question
1 Approved Answer
compute this using 2019 tax laws Essentials of Federal Income Taxation 12. Social Security Benefits. (Obj. 2) Taxpayers A through Creceived social security (SS) benefits
compute this using 2019 tax laws
Essentials of Federal Income Taxation 12. Social Security Benefits. (Obj. 2) Taxpayers A through Creceived social security (SS) benefits during the year. Taxpayer Clived with his spouse part of the year. Follow the instructions and fill in the blank lines in the table below for each taxpayer. On line p. show the amour of taxable social security benefits for each taxpayer. MELMES Single $ 7,800 $12,900 $11,000 Social Security benefits received First-Tier Formula a. AGI before ss b. 50% SS benefits c. Tax-exempt interest d. Revised AGI $50,000 3,900 500 $48.000 6,450 400 $ 5.000 5,500 400 e. ( 25.000) Less: Base amount (32,000) 0) ( f. g. h. Excess revised AGI 50% of line f. Tentative taxable SS benefits (lesser of line g. or b.) Second-Tier Formula i. Revised AGI (line d.) (34,000 ( 44,000) ( 0) j. Less: Threshold amount k. Excess 1. Line k. x 85% m. Lesser of line h. or q. n. Line I. + line m. 0. SS benefits x 85% p. Taxable benefits (lesser of line n. or o.) Threshold amount (linej) Less base amount (line e.) Difference q 50% of the difference $ 0 $34,000 ( 25,000) $ 9,000 $ 4,500 $44,000 32,000) $12,000 $ 6,000 $ S 0 0Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started