how much of his Social Security benefits would the Social Security Administration withhold?
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Barry, age 68, started taking his Social Security benefits at his FRA of 66. He is receiving Social Security benefits of $30,000 per year. Based upon the earnings limitation rules and assuming Barry had the below income for 2024, how much of his Social Security benefits would the Social Security Administration withhold?
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- hank is single and has a 30K adjust gross income in 2023. What would his savings credit be if he deferred $1,000 in his employer's 401(K) plan and received a $500 employee matchIn 2022, Nitai (age 40) contributes 10 percent of his $100,000 annual salary to a Roth 401(k) account sponsored by his employer, AY Incorporated. AY Incorporated matches employee contributions to the employee's traditional 401(k) account dollar-for-dollar up to 10 percent of the employee's salary. Nital expects to earn a 7 percent before-tax rate of return. Assume he leaves the contributions in the Roth 401(k) and traditional 401(k) accounts until he retires in 25 years and that he makes no additional contributions to either account. What are Nital's after-tax proceeds from the Roth 401(k) and traditional 401(k) accounts after he receives the distributions, assuming his marginal tax rate at retirement is 30 percent? (Use Table 1. Table 2.) Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. After tax proceeds from distribution Roth 401(k) Traditional 401(k)In 2020 Morgan is unmarried and has no dependents. She has self-employment income of $80,000 and $5,000 in dividend income. Her tax return also shows: $1,700 for self-employed health insurance premiums $11,304 for self-employment taxes $7,500 in medical expenses not related to her self employment $9,000 in charitable contributions of property not related to her self employment Based on this information, what is her adjusted gross income? Select one: a. $79,348 b. $71,996 c. $55,496 d. $77,648
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- Benjamin and Ester file a joint return and have AGI of $165,000. Both are active participants in their employer's pension plan. They have one child, Emily, who is age 8. Emily's grandparents contributed $500 to a Coverdell Education Savings Account for Emily in 2022. What is the maximum permitted Coverdell Education Savings Account contribution that Benjamin and Ester can make in 2022? Multiple Choice O $0. $500. $1,500 $2,000.34.For 2020, the maximum percentage of Social Security benefits that could be included in a taxpayer’s gross income is: 0% 25% 50% 75% 85% 36. Dana and Larry are married and live in Texas. Dana earns a salary of $45,000 and Larry has $25,000 of rental income from his separate property. If Dana and Larry file separate tax returns, what amount of income must Larry report? $0 $22,500 $25,000 $47,500 None of the aboveIn 2022, Nitai (age 40) contributes 10 percent of his $123,000 annual salary to a Roth 401(k) account sponsored by his employer, AY Incorporated. AY Incorporated matches employee contributions to the employee's traditional 401(k) account dollar-for-dollar up to 10 percent of the employee's salary. Nitai expects to earn a 4 percent before-tax rate of return. Assume he leaves the contributions in the Roth 401(k) and traditional 401(k) accounts until he retires in 25 years and that he makes no additional contributions to either account. What are Nitai’s after-tax proceeds from the Roth 401(k) and traditional 401(k) accounts after he receives the distributions, assuming his marginal tax rate at retirement is 30 percent? (Use Table 1, Table 2.) Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.