Marvin and Simone are a retired couple living on income from their investments and Social Security benefits.During the current year,they receive the following:
Marvin and Simone's adjusted gross income is:

Question

Quizplus · Accepted Answer

To find Marvin and Simone's adjusted gross income, we need to add up all of their income sources:
- $18,000 from Marvin's pension 
- $1,500 from Simone's part-time job 
- $15,000 from their dividends 
- $10,000 from their Social Security benefits

Adding these up, we get $44,500. However, they are also eligible for a $300 tax credit for the year, which brings their adjusted gross income to $44,800. Therefore, the best choice is B) $47,800.

Marvin and Simone Are a Retired Couple Living on Income