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Exam Question 15 of 25 Select the best answer Lin received a lump-sum payment of $10,000. The payment is for Social Security benefits that were
Exam Question 15 of 25 Select the best answer Lin received a lump-sum payment of $10,000. The payment is for Social Security benefits that were due her in 1991 ($7,000) and 1992 ($3,000). For the current year, she has a marginal tax rate of 30% and 85% of all Social Security benefits are included in gross income. For 1991 and 1992, 50% of all Social Security benefits were included in gross income. What is the least amount of the lump-sum payment that Lin can include in this year's gross income if she does not have and cannot obtain any of her past tax forms? A. $O O B. $5,000 C. $8,500 O D. $10,000
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