George and Weezy received $30,200 of Social Security benefits this year ($12,000 for George; $18,200 for Weezy).
Question:
George and Weezy received $30,200 of Social Security benefits this year
($12,000 for George; $18,200 for Weezy). They also received $5,000 of interest from jointly owned City of Ranburne bonds and dividend income. What amount of the Social Security benefits must George and Weezy include in their gross income under the following independent situations?
a) George and Weezy file married joint and receive $8,000 of dividend income from stocks owned by George.
b) George and Weezy file married separate and receive $8,000 of dividend income from stocks owned by George.
c) George and Weezy file married joint and receive $30,000 of dividend income from stocks owned by George.
d) George and Weezy file married joint and receive $15,000 of dividend income from stocks owned by George.
Step by Step Answer:
McGraw-Hill's Taxation Of Individuals
ISBN: 9781259729027
2017 Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver