Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations? Note: Leave no answer blank. Enter zero if applicable. Required: Grady files single and reports salary of $12,400 and interest income of $280. Grady files single and reports salary of $22,330 and interest income of $630. Grady files married joint and reports salary of $75,600 and interest income of $530. Grady files married joint and reports salary of $44,000 and interest income of $730. Grady files married separate and reports salary of $22,330 and interest income of $630

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest income this year.

What amount of the benefits must Grady include in his gross income under the following five independent situations?

Note: Leave no answer blank. Enter zero if applicable.

Required:

  1. Grady files single and reports salary of $12,400 and interest income of $280.
  2. Grady files single and reports salary of $22,330 and interest income of $630.
  3. Grady files married joint and reports salary of $75,600 and interest income of $530.
  4. Grady files married joint and reports salary of $44,000 and interest income of $730.
  5. Grady files married separate and reports salary of $22,330 and interest income of $630 
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