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What amount of the Social Security benefits must George and Wanda include in their gross income

What amount of the Social Security benefits must George and Wanda include in their gross income

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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George and Wanda received $28, 700 of Social Security benefits this year ($10,800 for George; $17,900 for Wanda). They also received $4, 700 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? George and Wanda file married joint and receive $15, 900 of dividend income from stocks owned by George.
Transcribed Image Text:George and Wanda received $28, 700 of Social Security benefits this year ($10,800 for George; $17,900 for Wanda). They also received $4, 700 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? George and Wanda file married joint and receive $15, 900 of dividend income from stocks owned by George.
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