Question: I only need help solving the taxable portion of the pension income & social security income. Please show or explain how you got your answer.

I only need help solving the taxable portion of the pension income & social security income. Please show or explain how you got your answer. Thank you!!I only need help solving the taxable portion of the pension income

Abe, who is single, retired from his job this year. He received a salary of $20,000 for the portion of the year that he worked, tax-exempt interest of $3,200, and dividends from domestic corporations of $3,000. On August 1, he began receiving monthly pension payments of $1,000 and Social Security payments of $500. Assume an exclusion ratio of 40% for the pension. Abe owns a duplex that he rents to others. He received rent of $19,000 and incurred $24,000 of expenses related to the duplex. He continued to actively manage the property after he retired from his job. Requirement Compute Abe's adjusted gross income. . Salary Dividend income 20000 3000 19000 Rental income Pension income (taxable portion) Social security income (taxable portion) Gross income Minus: Deductions for Adjusted gross income Rental expenses 24000 Adjusted gross income

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