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@ @ = Inbox - palomoperla@gmail.c x Chapter 5 - SmartBook Quiz x [ff] Question Mode: Fillinthe Ble x EJ Dashboard x | + v Cc 23 learning.mheducation.com/static/awd/index.html?_t=1745104268778#/ * sy wk CP ) : oo All Bookmarks HHNNNQ4N04000000NNONONONGGGOO0000000000000000000 2448 concepts completed @ Fill in the Blank Question Arnie is single and receives Social Security benefits. His modified AGI is $27,000 and his Social Security benefits are $7,200 per year. f | of his Social Security benefits are taxable. The calculation is complex, to say the least. However, the taxability of Social Security benefits can be summarized as follows: Single taxpayers: 1. If modified AGI + 50 percent of Social Security benefits $34,000, taxable Social Security benefits are the lesser of (a) 85 percent of Social Security benefits or (b) 85 percent of (modified AGI + 50 percent of Social Security benefits - $34,000), plus the lesser of (i) $4,500 or (ii) 50 percent of Social Security benefits. Taxpayers filing married separate: Taxable Social Security benefits are the lesser of (a) 85 percent of the Social Security benefits or (b) 85 percent of the taxpayer's modified AGI + 50 percent of Social Security benefits. Taxpayers filing married joint: 1. If modified AGI + 50 percent of Social Security benefits $44,000, taxable Social Security benefits are the lesser of (a) 85 percent of Social Security benefits or (b) 85 percent of (modified AGI + 50 percent of Social Security benefits - $44,000), plus the lesser of (i) $6,000 or (ii) 50 percent of Social Security benefits. Rate your confidence to submit your answer. | | | | |