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Mr.& Mrs. Tsayong are both over 66 years of age and are filing a joint return. Their income this year consisted of the following: They

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Mr.& Mrs. Tsayong are both over 66 years of age and are filing a joint return. Their income this year consisted of the following: They did not have any adjustments to income. Calculate Mr. & Mrs. Tsayong's taxable Social Security benefits this year. Artco Inc. is a corporation. This year it earned $50,000 of taxable income and paid a $10,000 (dividend) to Lily, its sole shareholder. Lily has a marginal tax rate of 25%. Calculate Lily's federal taxes from the corporation's results assuming: Mr.& Mrs. Tsayong are both over 66 years of age and are filing a joint return. Their income this year consisted of the following: They did not have any adjustments to income. Calculate Mr. & Mrs. Tsayong's taxable Social Security benefits this year. Artco Inc. is a corporation. This year it earned $50,000 of taxable income and paid a $10,000 (dividend) to Lily, its sole shareholder. Lily has a marginal tax rate of 25%. Calculate Lily's federal taxes from the corporation's results assuming

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