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Mrs. Norman has the following sources of income:

Social security benefits $10,000

Interest income 5,000 Dividend income 5,000

Tax-exempt interest income 14,000

Mrs. Norman is 68 years of age, a widow.

Determine her taxable income.

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Tod Thiel
Tod ThielLv2
28 Sep 2019

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Determine the taxable amount of social security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "0".

a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $40,800, no tax-exempt interest, and $14,280 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.

b. Assume Erwin and Eleanor have adjusted gross income of $19,800, no tax-exempt interest, and $21,780 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.

c. Assume Erwin and Eleanor have adjusted gross income of $97,000, no tax-exempt interest, and $14,550 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.

Matt and Becky are both 66 years of age. Matt still works andearned $38,000 last year. Matt and Becky also have the followingincome:

Interest income $2,000

Social security benefits 9,000

Determine their taxable income.

1.Which of the following statements concerning the exemptionphaseout is true?

a.The phaseout applies only to taxpayers with a 39.6% marginalincome tax rate.

b.The phaseout can reduce a taxpayer's exemption amount tozero.

c.The phaseout doesn't apply to taxpayers who use the standarddeduction instead of electing to itemize deductions.

d.Statements A., B., and C. are false.

2.In 2016, Amanda earned $70,000 self-employment income. She wasallowed a $4,945 above-the line deduction for her SE tax. ComputeAmanda's maximum contribution to her profit-sharing Keogh plan.

a.$13,011

b.$12,022

c.$65,055

d.$53,000

3.This year, Mrs. Pike's compensation from her corporateemployer consisted of $325,000 current salary and $75,000 unfundeddeferred compensation payable upon her retirement at age 66. Whichof the following statements is true?

a.This year, Mrs. Pike must include $400,000 in gross income,and her employer is allowed a $400,000 deduction.

b.This year, Mrs. Pike must include $325,000 in gross income,and her employer is allowed a $400,000 deduction.

c.This year, Mrs. Pike must include $400,000 in gross income,and her employer is allowed a $325,000 deduction.

d.This year, Mrs. Pike must include $325,000 in gross income,and her employer is allowed a $325,000 deduction.

4.Ruth Anne, a single taxpayer, reported $152,600 alternativeminimum taxable income before any exemption on her 2016 Form 1040.Calculate Ruth Anne's AMT exemption.

a.$8,225

b.$45,675

c.$53,900

d.None of the above

5.Melissa, age 16, is claimed as a dependent on her parents' taxreturn. This year, Melissa earned $2,000 from babysitting and$1,280 interest income from a savings account. Compute Melissa'sstandard deduction.

$2,000

$2,350

$0

$1,050

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