Dan is single and over 65 years old.  She received the following in 2020:   Interest from certificates of deposit                                        $ 6,000 Tax-exempt interest                                                                   9,000 Taxable dividends                                                                      8,000 Taxable pension                                                                      20,000 Social Security benefits                                                          14,000   Required:       Determine the taxable amount of Ms. Gray’s Social Security benefits.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Dan is single and over 65 years old.  She received the following in 2020:

 

Interest from certificates of deposit                                        $ 6,000

Tax-exempt interest                                                                   9,000

Taxable dividends                                                                      8,000

Taxable pension                                                                      20,000

Social Security benefits                                                          14,000

 

Required:       Determine the taxable amount of Ms. Gray’s Social Security benefits.

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