Bernie is a former executive who is retired. This year Bernie received $192,500 in pension payments and $19,600 of social security payments. What amount must Bernie include in his gross income? Multiple Choice 1. $192,500. 2. $202,300. 3. $209,160. 4. $212,100. 5. Zero.
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- Question 20 of 100. Steve files head of household. He received $21,000 in social security benefits, $10,000 in taxable retirement income, an $4,000 in interest and dividend income. Using the Social Security Benefits Worksheet-Line 6a and 6b, determine Steve- taxable social security benefits. $0 $250 $11,500 $19,550 21,000 10,000 4, 600 35,000 combined income 25,000 to 34,000 50% 21,000 x 85% = 17,850 14,000 Question 20 of 100. Steve files head of household. He received $21,000 in social security benefits, $10,000 in taxable retirement income, an $4,000 in interest and dividend income. Using the Social Security Benefits Worksheet-Line 6a and 6b, determine Steve taxable social security benefits. $0 $250 $11,500 $19,550 4, 60 a 35, Combined income 25,000 to 34,000 50% 21,000 x 854 - 17,850 14,000KA. QUESTION 10 Maria is employed by a major defense contractor and earns $156,000 in 2016. She Calculates: a. The amount of Social Security taxes withheld from your income b. The amount of Medicare tax withheld from your income c. The amount of FUTA withheld from your incomeWhat is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $128,100 while working as an employee of the University and another S20,000 from a sales business he owns? Select one: a. S1,190.40 b. S1,726.03 C. $535.63 d. $2,825.91 e. None of these
- Individual Retirement Accounts (LO 5.3) Donna, age 42 and a single taxpayer, has a salary of $104,500 and interest income of $20,000. What is the maximum amount Donna can contribute to a Roth IRA for 2020? a.$6,000 b.$3,850 c.$5,800 d.$5,000 e.Some other amountPatrick's monthly take-home pay is $5,000. His net worth is $125,000. He estimated that he would receive monthly Social Security benefits worth $1,000 and monthly company disability benefits $2,000 if he becomes disabled. The additional disability benefits that he needs to arrange for equals about O a. $7,000 O b. $2,000 O c. $6,000 O d. $5.000 Qe $3.000Peter and Joan are married and Joan has self-employment income of $240,000. Peter is retired. How much additional 0.9% Medicare tax will Peter and Joan owe with their 2019 income tax return? a.$0 b.$2,160 c.$360
- c. How much will the family receive (to the nearest dollar)? 647.51/1-6 1-(1.005264 .OOS 647.51.146.4 = 94795.46 150000-94795.46-55204.54₁,6 = 33122.72 4. A couple are planning for retirement. They plan to retire at age 70. At that time they wish to be able to withdraw $7500 per month from their retirement account for a period of 25 years, reducing the balance to zero. How much should they start saving now in an account that pays 7.54% compounded monthly to achieve their goal? Assume that they will be able to earn at least 7.54% interest compounded monthly from now until they are age 95. nt How much interest is earned over the 65 year period? A = P(1 + £ ) m² FV= PMT ((1+1)^-1) 7500 (1.076+25-1)Maria has just finished her thirty-second year with her company and is getting ready to retire. During her thirty-two years, Maria's average annual salary was S62,544. How much can Maria expect to receive from Social Security annually if she were to retire today? (Assume she will receive 55% of his average annual salary.) a. $96.943.20 b. $34.399 92 c. S28.144.00 d. $62.544During 2022, Gregory received income in the following amounts: $26,000 wages. $2,500 unemployment benefits. $200 qualified dividends from investments. $5,000 taxable distribution from his IRA. How much is Gregory's 2022 business income for net operating loss (NOL) purposes? * * * € $26,000 $28,500 $28,700 $31,000
- Exercise 12-19 (LO. 7) Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $440,000.His additional Medicare tax is $fill in the blank 1. b. George and Shirley are married and file a joint return. During the year, George earns wages of $138,000, and Shirley earns wages of $210,000.Their additional Medicare tax is $fill in the blank 2. c. Simon has net investment income of $38,000 and MAGI of $223,000 and files as a single taxpayer.Simon's additional Medicare tax is $fill in the blank 3.9. Social Security payments to Deceased Dependants If the deceased was entitled to $1,100/per month and the widow is 67, how much would the widow be entitled to assuming the family max has not been met? Do Not use $ dollar $ signs in your answer! Required information [The following information applies to the questions displayed below.] Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2023, their AGI is $223,000. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. b. How much can Ashley contribute if she files a separate return? Contribution to Roth IRA $ 0