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:
$$\begin{array} { l r }
\text { Consulting fee from Burton Industries } & \$ 35,000 \
\text { Interest on municipal bonds } & 7,000 \
\text { Social Security benefits } & 20,000
\end{array}$$

Question

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:
$$\begin{array} { l r } 
\text { Consulting fee from Burton Industries } & \$ 35,000 \
\text { Interest on municipal bonds } & 7,000 \
\text { Social Security benefits } & 20,000
\end{array}$$

Quizplus · Accepted Answer

To calculate Marvin and Simone's adjusted gross income, we need to add up all of their income sources:

- Interest income: $3,200
- Dividend income: $4,800
- Capital gains: $6,500
- Social Security benefits: $22,000
- Pension income: $11,500

Adding all of these together, we get:

$3,200 + $4,800 + $6,500 + $22,000 + $11,500 = $47,000

Therefore, the answer is B) $47,800.

Marvin and Simone Are a Retired Couple Living on Income