A married couple has income of $35,000 and Social Security benefits of $25,000. What amount of their Social Security benefits must be included in their taxable income? Group of answer choices $0 $5,500 $7,750 $12,500

A married couple has income of $35,000 and Social Security benefits of $25,000. What amount of their Social Security benefits must be included in their taxable income? Group of answer choices $0 $5,500 $7,750 $12,500

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 2MC: LO2 Joyce Lee earns 30,000 a year. Her employer pays a matching Social Security tax of 6.2% on the...

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Question

A married couple has income of $35,000 and Social Security benefits of $25,000. What amount of their Social Security
benefits must be included in their taxable income?
Group of answer choices
$0
$5,500
$7,750
$12,500

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