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Social security taxable amount

In addition to social security benefits of 8000, Mr and Mrs Wells have adjusted gross income of 32,000 and tax exempt interest of 1000 and will file a joint return. The taxable portion of the social security benefits will be?

Solution Preview

The taxable portion is calculated as follows:

Add the $32000 of income plus $1000 of tax exempt income plus half of the social security = ...

Solution Summary

The rules for determining the amount of social security income that is taxable are explained in the solution.