I need help doing this exercise! If some can help me resolve this, I would really be really apreciated! Simplified Taxable Social Security Worksheet (for most people)4. For the 2020 tax year, MATHEW, a MARRIED taxpayer, receives$24,250 in Social Security benefits. She has adjusted gross income of$30,000, not including any Social Security income, and receives $ 10,000of tax-exempt municipal bond interest.MATHEW must include $ ?????? of her Social Security benefits inincome.Simplified Taxable Social Security Worksheet (for most people)SOCIAL SECURITY TABLE1. Enter the total amount of Social Security income.2. Enter one-half of line 1.Enter the total of taxable income items on Form 1040 except Social Security3.income.4. Enter the amount of tax-exempt interest income.5. Add lines 2, 3, and 4.Enter all adjustments for AGI except for student loan interest, the domestic6.production activities deduction, and the tuition and fees deduction.Subtract line 6 from line 5. If zero or less, stop here, none of the Social7.Security benefits are taxable.Enter $25,000 ($32,000 if married filing jointly; $0 if married filing separately8.Iand living with spouse at any time during the year).9. Subtract line 8 from line 7. If zero or less, enter -0-.Note: If line 9 is zero or less, stop here; none of your benefits are taxable.Otherwise, go on to line 10.Enter $9,000 ($12,000 if married filing jointly; $0 if married filing separately10.´and living with spouse at any time during the year).11. Subtract line 10 from line 9. If zero or less, enter -0-.12. Enter the smaller of line 9 or line 10.13. Enter one-half of line 12.14. Enter the smaller of line 2 or line 13.15. Multiply line 11 by 85% (.85). If line 11 is zero, enter –0-.16. Add lines 14 and 15.17. Multiply line 1 by 85% (.85).

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4. For the 2020 tax year, MATHEW, a MARRIED taxpayer, receives $24,250 in Social Security benefits. She has adjusted gross income of $30,000, not including any Social Security income, and receives $ 10,000 of tax-exempt municipal bond interest. MATHEW must include $ ?????? of her Social Security benefits in income. Simplified Taxable Social Security Worksheet (for most people) SOCIAL SECURITY TABLE 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1. Enter the total of taxable income items on Form 1040 except Social Security 3. income.

4. For the 2020 tax year, MATHEW, a MARRIED taxpayer, receives $24,250 in Social Security benefits. She has adjusted gross income of $30,000, not including any Social Security income, and receives $ 10,000 of tax-exempt municipal bond interest. MATHEW must include $ ?????? of her Social Security benefits in income. Simplified Taxable Social Security Worksheet (for most people) SOCIAL SECURITY TABLE 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1. Enter the total of taxable income items on Form 1040 except Social Security 3. income.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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