Provide answer to this accounting problem Samuel Stevens' monthly pay stubindicates that his monthly gross income is$4,200. However, $900 is withheld forincome and Social Security taxes, $250 iswithheld for his health and disabilityinsurance, and another $250 is contributedto his pension plan.How much is Samuel's disposable income?

To calculate Samuel's disposable income, we need to subtract the total deductions from his gross…

Answered: Samuel Stevens' monthly pay stub…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

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Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 28P

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During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and 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 faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately 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) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________
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How much is samul's disposal income?
How much is Samuels disposable income?
How much disposable income?
Samuel Stevens' monthly pay stub indicates that his monthly gross income is $4,200. However, $900 is withheld for income and Social Security taxes, $250 is withheld for his health and disability insurance, and another $250 is contributed to his pension plan. How much is Samuel's disposable income? provide answer
Samuel Stevens' monthly pay stub indicates that his monthly gross income is $4,200. However, $900 is withheld for income and Social Security taxes, $250 is withheld for his health and disability insurance, and another $250 is contributed to his pension plan. How much is Samuel's disposable income? Need answer

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Samuel Stevens' monthly pay stub indicates that his monthly gross income is $4,200. However, $900 is withheld for income and Social Security taxes, $250 is withheld for his health and disability insurance, and another $250 is contributed to his pension plan. How much is Samuel's disposable income?