George and Wanda received $27,700 of Social Security benefits this year ($10,300 for George: $17,400 for Wanda). They also received $4,450 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent situations? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. George and Wanda file married joint and receive $8,050 of dividend income from stocks owned by George. b. George and Wanda file married separate and receive $8,050 of dividend income from stocks owned by George.
George and Wanda received $27,700 of Social Security benefits this year ($10,300 for George: $17,400 for Wanda). They also received $4,450 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent situations? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. George and Wanda file married joint and receive $8,050 of dividend income from stocks owned by George. b. George and Wanda file married separate and receive $8,050 of dividend income from stocks owned by George.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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George and Wanda received $27,700 of Social Security benefits this year ($10,300 for George: $17,400 for Wanda). They also received
$4,450 of interest from jointly owned City of Ranburne Bonds and dividend income.
What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent
situations?
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer
blank. Enter zero if applicable.
Required:
a. George and Wanda file married joint and receive $8,050 of dividend income from stocks owned by George.
b. George and Wanda file married separate and receive $8,050 of dividend income from stocks owned by George.
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Transcribed Image Text:George and Wanda file married joint and receive $30,800 of dividend income from stocks owned by George.
George and Wanda file married joint and receive $15,400 of dividend income from stocks owned by George.
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