Question

In regards to Social Security benefits: a.Up to 100 percent of Social Security benefits received may...

In regards to Social Security benefits:

a.Up to 100 percent of Social Security benefits received may be included in taxable income.

b.The Social Security inclusion formula is the same amount for each filing status.

c.Social Security benefits are always excluded because wages are subject to Social Security tax when earned.

d.Tax-free interest income must be included in the formula used to determine if Social Security is included in taxable income.

All of the following must be included in gross income, except:

a.Dividends

b.Gambling winnings

c.Accident insurance proceeds

d.Jury duty fees

e.Partnership income

Martin, a 50-year-old single taxpayer, paid the full cost of maintaining his dependent mother in a home for the aged for the entire year. What is the amount of Martin's standard deduction for 2019?

a.$24,400

b.$18,350

c.$19,600

d.$12,200

e.None of these choices are correct.

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Homework Answers

Answer #1

1.

The Answer is OPtion D

Tax-free interest income must be included in the formula used to determine if Social Security is included in taxable income.

2.

The answer is option Option C

Accident insurance proceeds.

accident insurance settlements are generally not taxable, although there are certain exceptions, according to the Internal Revenue Service and accident insurance proceeds will do not include the settlement proceeds in your income

3.

The answer is option D

12200

The standard deduction amounts will increase to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses.

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