George and Jill are husband and wife,ages 67 and 65 respectively.During the year,they receive Social Security benefits of $4,000 and have adjusted gross income of $11,000.Assuming they file a joint return,their tax credit for the elderly,before considering any possible limitation due to their tax liability,is:

Question

Quizplus · Accepted Answer

$7,500 (base amount)- $4,000 (Social Security benefits)- $500 (one­half of adjusted gross income in excess of $10,000)= $3,000 × 15% = $450.

George and Jill Are Husband and Wife,ages 67 and 65