Herb and Alice are married and file a joint return. Herb is 74 years old and Alice is 70. Neither are blind. Both Herb and Alice are retired. Herb works part time as a greeter. Herb earned $15,000 in wages. They also received Social Security

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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  • Herb and Alice are married and file a joint return. Herb is 74 years old and Alice is 70. Neither are blind.
  • Both Herb and Alice are retired. Herb works part time as a greeter.
  • Herb earned $15,000 in wages. They also received Social Security benefits of $44,000. They
    received no other income in 2022.
  • Both Herb and Alice are U.S. citizens, lived in the United States all year, and have valid Social
    Security numbers. They do not have any qualifying children, and no one else lives with them.
  1. What is Herb and Alice’s standard deduction? $___________
  2. (T/F)The taxable amount of Herb and Alice’s Social Security is $2,500.
    1. True or False
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