Mr.& Mrs.Tsayong are both over 66 years of age and are filing a joint return.Their income this year consisted of the following: They did not have any adjustments to income.What amount of Mr.& Mrs.Tsayongs Social Security benefits is taxable this year?

Question

Mr.& Mrs.Tsayong are both over 66 years of age and are filing a joint return.Their income this year consisted of the following:  They did not have any adjustments to income.What amount of Mr.& Mrs.Tsayongs Social Security benefits is taxable this year?

Quizplus · Accepted Answer

Based on the income given, only $4,500 of Mr. & Mrs. Tsayong's Social Security benefits are taxable. This is calculated by taking half of their Social Security benefits ($22,000 / 2 = $11,000) and adding it to their other income ($60,000). This total amount ($71,000) exceeds the threshold for taxation of Social Security benefits for married couples filing jointly ($32,000), but only 50% of the excess amount ($39,000) is taxable, which is $4,500. Therefore, the correct answer is B.

Mr& MrsTsayong Are Both Over 66 Years of Age and Are