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Which of the following statements is true regarding the taxation of Social Security benefits? a.85% is the...

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Accounting

Which of the following statements is true regarding the taxationof Social Security benefits?

a.85% is the maximum amount of taxable Social Securitybenefits.

b.50% is the maximum amount of taxable Social Securitybenefits.

c.If a taxpayer’s only source of income is $10,000 of SocialSecurity benefits, then 50% of the benefits are taxable.

d.If a taxpayer’s only source of income is $10,000 of SocialSecurity benefits, then 85% of the benefits are taxable.

Answer & Explanation Solved by verified expert
4.3 Ratings (613 Votes)
Answer is a 85 is the maximum amount of taxable Social Security benefits The taxability portion of Social Security benefits depends on combined income or Provisional income Combined Income is calculated by adding total income including taxexempt    See Answer
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