Joe and Kate are married and file a joint tax return. They have $16,000 of adjusted gross income, and $19,000 of tax-exempt interest income, and have received $25,000 in gifts from their children. They also receive $18,000 in Social Security benefits. How much of Social Security will be taxable?

Answer rating: 100% (QA)

To determine the amount of Social Security benefits that will be taxable we need to calculate Joe an... View the full answer