The taxable amount of Social Security benefits received by an individual:

a) Is computed in the same manner as an annuity [exclusion = (cost/expected return) amount received].

b) May not exceed the portion contributed by the employer.

c) May not exceed 50% of the Social Security benefits received.

d) May be zero or as much as 100% of the Social Security benefits received, depending upon the taxpayers Social Security benefits and other income.

e) May not exceed 85% of the Social Security benefits received.