grady received $8,200 of social security benefits this year. grady also reported salary and interest income this year. what amount of the benefits must grady include in his gross income under the following five independent situations? note: leave no answer blank. enter zero if applicable. required: grady files single and reports salary of $12,100 and interest income of $250. grady files single and reports salary of $22,000 and interest income of $600. grady files married joint and reports salary of $75,000 and interest income of $500. grady files married joint and reports salary of $44,000 and interest income of $700.

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14-11-2022
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grady received $8,200 of social security benefits this year. grady also reported salary and interest income this year. what amount of the benefits must grady include in his gross income under the following five independent situations? note: leave no answer blank. enter zero if applicable. required: grady files single and reports salary of $12,100 and interest income of $250. grady files single and reports salary of $22,000 and interest income of $600. grady files married joint and reports salary of $75,000 and interest income of $500. grady files married joint and reports salary of $44,000 and interest income of $700.

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sapanpandit sapanpandit · Answer 1 · 2022-11-19T10:42:46+01:00

A. Amount to be included: $0 B. Amount to be included: $850 C. Amount to be included: $6,970 D. Amount to be included: $6,970 all includes social security benefits.

Grady excludes the full $8,200 because the total of his modified AGI ($12,100 + $250 + $4,100 (50% of Social Security benefits) = $16,450) and his Social Security benefits ($4,100 (50% of Social Security benefits) is less than the threshold ($25,000 for single taxpayers) for including Social Security benefits.

$850. Grady is single, and his modified AGI ($22,000 + $600 + $4,100 (50% of Social Security benefits) = $26,700) falls between $25,000 and $34,000. The smaller of (a) 50% of the Social Security benefits ($8,200 x 50% = $4,100) or (b) 50% of [$22,600 modified AGI + $4,100 (50 percent of Social Security benefits) $25,000] = $850] constitutes his taxable Social Security benefits. His taxable Social Security benefits total $850 as a result. Grady includes $8,200 of benefits, or 85% of them, or $6,970 ($8,200 85%), because his modified AGI is significantly higher than the threshold for doing so ($44,000 for married couples).

$6,970. Grady files jointly with his spouse, and his modified AGI ($44,000 + $700 + $4,100 (half of Social Security benefits) = $48,800) is higher than the $44,000 threshold. The lesser of (a) 85% of Social Security benefits (85% $8,200 = $6,970) or (b) 85% of [$44,700 modified AGI + $4,100 (50% of Social Security benefits) $44,000] = $4,080] plus the smaller of (a) $6,000 or (b) 50% of Social Security benefits ($4,100) constitutes his taxable Social Security payments. This reduces to either $6,970 or $8,180 ($4,080 + $4,100), whichever is less. His taxable Social Security benefits total $6,970 as a result.

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