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Damm [24]
3 years ago
12

Grady received $8,200 of Social Security benefits this year. Grady also reported salary and interest income this year.What amoun

t of the benefits must Grady include in his gross income under the following five independent situations?a. Grady files single and reports salary of $12,100 and interest income of $250.b. Grady files single and reports salary of $22,000 and interest income of $600.c. Grady files married joint and reports salary of $75,000 and interest income of $500.d. Grady files married joint and reports salary of $44,000 and interest income of $700.e. Grady files married separate and reports salary of $22,000 and interest income of $600.
Business
1 answer:
Alexus [3.1K]3 years ago
7 0

Solution:

a. [$0]

Grady eliminates a limit of $8,200, because the value of his adjusted AGI plus 50 percent of his social security compensation ($12,100 + $250 + $4,100= $16,450), falls below the required level, including social security benefits, of ($25,000 or less for single taxpayers).

b. [$850]

Grady is single with his adjusted AGI plus 50% of his social security income is 25,000 dollars to up to 34,000 dollars (600 dollars with 50% of Social Security benefits). Its social security payments are less than (a) 50 percent ($8,200 or 50 percent= $4,100) or (b) 50 percent ($22,600 adjusted AGI+ $4,100 + − $25,000)= $850), respectively. His social security benefits are therefore taxable at $850.

c. [$6,970]

Grady provides 85% or 6,970 dollars in compensation ($8,200 to 85%), as the adjusted AGI is just over the limit of social security payments ($44,000 for a married joint).

d. [$6,970]

Married reports for its revised AGI plus 50 percent of its social security benefits ($44,000 + $700 + $4,100= $48,800) are over 44,000 dollars. Its taxable benefit in the social security program is less than (a) 85% of the benefits provided for in the social security system (85%= $8970), or (b) 85% of [$44700 adjusted AGI+ $4100 (50% of benefits provided for in the social security system) − $44000] − $4900), plus less than (1) $6000 (2), or (4,100) 50%. This renders it cheaper for less than $6,970 ($4,080 plus $4,100). His net profits are now $6,970.

e. [$6,970]

Grady had been married separately, so thus the taxable social security gain of Grady's data is less than (a) 85% (85%= $8,200); so (b) 85% (85%) of the AGI adjusted by the employer plus 50% (85%) of the social securityprofit(22,000 $+ 600 + 4,100 $(50%)= 22,695). His net profits are now $6,970.

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The computation of the anticipated level of profits for the expected sales volumes is shown below:

Expected sales             209,000                      305,000

Particulars                     Chicken                          Fish

Sales                              $815,100                       $1,525,000

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Contribution margin      $407,550                      $762,500

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