Exercise 4-27 (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 $40,200, no tax-exempt interest, and $14,070 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.

Exercise 4-27 (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 "O" a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $40,200, no tax-exempt interest, and $14,070 of Social Security benefits. As a result, b. Assume Erwin and Eleanor have adjusted gross income of $15,200, no tax-exempt interest, and $16,720 of Social Security benefits. As a result, c. Assume Erwin and Eleanor have adjusted gross income of $112,000, no tax-exempt interest, and $16,800 of Social Security benefits. As a result, 7,035X of the Social Security benefits are taxable. oof the Social Security benefits are taxable 14,280 of the Social Security benefits are taxable. Feedback Check My Work If a taxpayer's income exceeds a specified base amount, as much as 85 percent of Social Security retirement benefits must be included in gross income. The taxable amount of benefits is determined through the application of one of two formulas that utilize a unique measure of income modified adjusted gross income (MAGI)