Question
Exercise 4-26 (Algorithmic) (LO. 4) Determine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest
Exercise 4-26 (Algorithmic) (LO. 4) Determine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $39,600, no tax-exempt interest, and $13,860 of Social Security benefits.
As a result, $fill in the blank 1 6,930 of the Social Security benefits are taxable.
** this answer is wrong, so is 3800 & 7265. Please help, IDK how to tackle this. **
I tried .5 x 13860, .5 x (39600-32000), and .5(39600 + 6930 - 32000). none of these formulas are proving effective.
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