Explore BrainMass

Explore BrainMass

    Social security taxable amount

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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?

    © BrainMass Inc. brainmass.com June 3, 2020, 7:40 pm ad1c9bdddf
    https://brainmass.com/business/accounting/social-security-taxable-amount-107668

    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.

    $2.19

    ADVERTISEMENT