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1. Mr. and Mrs. Ryan are both over 65 years of age and are filing a joint return. Their income for the current year consisted of the following: Taxable interest $ 8,000 Taxable pension $16,000 Taxable dividends 9,000 Tax-exempt interest 3.000 Social Security payments (total) 14,000 What amount of their Social Security benefits is taxable? a. $11,900 b. $ 5,500 c. $ 7.000 d. $ 0 e. None of the answers provided is correct. 2. Jack (a single taxpayer) paid $12,000 of medical expenses in 2020. His AGI in 2020 was $70,000. His other itemized deductions in 2020 consisted of $8,000 in mortgage interest and $3,500 in property taxes. Jack is reimbursed $6,000 for medical expenses in 2021. What amount of the $6,000 refund is taxable in 2021? a $ 0 b. $6.000 c. $5,850 d. $ 750 e. None of the answers provided is correct. 3. Newton Corporation provides Val, age 66, with $110,000 of group term life insurance coverage. Val must include in income what amount? a. $ 914.40 b. $ 76.20 c. $1,676.40 d. $ 762.00 e. None of the answers provided is correct. 4. Mike elected to receive the proceeds of a $90,000 face value life insurance policy on the life of his deceased wife in 12 annual installments of $9,000 each, beginning in 20x3. Of the $9,000 received in 20x3, the amount subject to income tax is: a $ 0 b. $1,500 c. $7,500 d. $9,000 e. None of the answers provided is correct. 2020 TAX RATE SCHEDULES INDIVIDUAL TAXPAYERS Single: If taxable income is: The taxis Not over $9,875 10% of taxable income Over $9,875 but not over $40,125 5987.50, plus 12% of the excess over 59,875 Over $40,125 but not over $85,525 54,617.50, plus 22% of the excess over $40,125 Over $85,525 but not over 5163.300 514,605.50, plus 24% of the excess over $85,525 Over $163,300 but not over $207,350 $33.271.50, plus 32% of the excess over $163,300 Over $207,350 but not over 5518,400 $47.367.50, plus 35% of the excess over $207,350 Over $518,400 5156,235.00, plus 37% of the excess over $518,400 Head of Household taxable income is: The taxis Not over $14,100 10% of taxable income Over $14, 100 but not over 553,700 51.410.00, plus 12% of the excess over $14,100 Over 553,700 but not over 585,500 56.162.00, plus 22% of the excess over $53,700 Over $85,500 but not over $163,300 $13,158.00, plus 24% of the excess over $85,500 Over $163,300 but not over $207,350 $31.830.00, plus 32% of the excess over $163,300 Over $207,350 but not over $518,400 $45,926.00, plus 35% of the excess over $207,350 Over 5518,400 $154,793.50, plus 37% of the excess over $518,400 Married, Filing Joint and Surviving Spouse: #taxable income is: The tax is: Not over $19,750 10% of taxable income Over $19.750 but not over $80,250 51.975.00, plus 12% of the excess over $19.750 Over $80,250 but not over $171,050 $9,235.00, plus 22% of the excess over 580,250 Over $171,050 but not over $326,600 $29,211.00, plus 24% of the excess over $171,050 Over $326,600 but not over $414,700 566,543.00, plus 32% of the excess over 5326,600 Over $414,700 but not over $622,050 594,735.00, plus 35% of the excess over $414,700 Over $622,050 5167,307.50, plus 37% of the excess over 5622,050 Married, Filing Separate If taxable income is: The tax is: Not over 59,875 10% of taxable income Over $9,875 but not over $40,125 5987.50, plus 12% of the excess over 59,875 Over $40,125 but not over $85,525 54,617.50, plus 22% of the excess over $40,125 Over 585,525 but not over $163,300 $14,605.50 plus 24% of the excess over $85.525 Over 5163,300 but not over $207,350 $33,271.50, plus 32% of the excess over S163,300 Over $207,350 but not over $311,025 S47.367.50. plus 35% of the excess over $207,350 Over 5311,025 $83,653.75. plus 37% of the excess over 5311,025 Preferential Rate Single Filing Jointly Head of Household Estates & Trusts 0% Up to $40,000 Up to $80,000 Up to 553,600 Up to $2,650 15% > $40,000 but s $441,450 > $80,000 but s $496,600 > 553,600 but s 5469,050 > 52,650 but s $13,150 20% Over $441,450 Over $496,600 Over $469,050 Over $13,150 Employee's age Premiums Under 25 25 to 29 30 to 34 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 60 to 64 65 to 69 70 and above 50.05 06 08 .09 .10 .15 23 43 66 1.27 2.06