Income Tax Fundamentals 2020 (with Intuit Proconnect Tax Online)
Income Tax Fundamentals 2020 (with Intuit Proconnect Tax Online)
38th Edition
ISBN: 9780357108239
Author: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
Publisher: Cengage Learning
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Chapter 2, Problem 33P

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 .

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Chapter 2 Solutions

Income Tax Fundamentals 2020 (with Intuit Proconnect Tax Online)

Ch. 2 - Prob. 11MCQCh. 2 - Prob. 12MCQCh. 2 - A 64 -year-old taxpayer retires this year and...Ch. 2 - Prob. 14MCQCh. 2 - Prob. 15MCQCh. 2 - Harry's wife Lila passes away in January of the...Ch. 2 - Nomi is in the highest individual tax bracket and...Ch. 2 - Prob. 18MCQCh. 2 - Prob. 19MCQCh. 2 - Prob. 20MCQCh. 2 - Kelly receives a $40,000 scholarship to Ivy...Ch. 2 - Hillary gets divorced in 2016 and is required to...Ch. 2 - Prob. 23MCQCh. 2 - Prob. 24MCQCh. 2 - Prob. 25MCQCh. 2 - Prob. 26MCQCh. 2 - Prob. 27MCQCh. 2 - Prob. 28MCQCh. 2 - During 2019, Carl (a single taxpayer) has a salary...Ch. 2 - Prob. 30MCQCh. 2 - Alicia loses her job part way through 2019. Her...Ch. 2 - Prob. 32MCQCh. 2 - Prob. 33MCQCh. 2 - Dana and Larry are married and live in Texas. Dana...Ch. 2 - Which of the following conditions need not be...Ch. 2 - Indicate whether each of the items listed below...Ch. 2 - Jane is a roofing contractor. Jane's friend needed...Ch. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - Prob. 6PCh. 2 - Prob. 7PCh. 2 - Prob. 8PCh. 2 - Linda and Richard are married and file a joint...Ch. 2 - Prob. 10PCh. 2 - Prob. 11PCh. 2 - Prob. 12PCh. 2 - Prob. 13PCh. 2 - Prob. 14PCh. 2 - Greg died on July 1,2019 , and left Lea, his wife,...Ch. 2 - Prob. 16PCh. 2 - Prob. 17PCh. 2 - How are qualified dividends taxed in 2019? Please...Ch. 2 - Describe the methods that an individual taxpayer...Ch. 2 - Prob. 20PCh. 2 - Vandell is a taxpayer in the 25 percent tax...Ch. 2 - Karen is a wealthy retired investment advisor who...Ch. 2 - Prob. 23PCh. 2 - Prob. 24PCh. 2 - Prob. 25PCh. 2 - Prob. 26PCh. 2 - Answer the following questions: Under a 2017...Ch. 2 - Arlen is required by his 2019 divorce agreement to...Ch. 2 - Prob. 29PCh. 2 - Prob. 30PCh. 2 - Prob. 31PCh. 2 - Lydia, a married individual, was unemployed for a...Ch. 2 - During the 2019 tax year, Brian, a single...Ch. 2 - Prob. 34P
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