Asked by Samantha Frederick on May 22, 2024
Verified
A married,filing jointly taxpayer's lower limit of provisional income for social security purposes is:
A) $44,000.
B) $25,000.
C) $34,000.
D) $32,000.
Provisional Income
Income that is not guaranteed or fixed, often used in reference to determining the taxability of certain benefits such as Social Security.
Social Security
A federal program in the United States that provides retirement, disability, and survivors benefits to eligible individuals.
Married, Filing Jointly
A tax filing status available to married couples that allows them to file one tax return jointly, combining their incomes and deductions.
- Recognize the differences between income subjects to tax and those that are not, specifically related to corporate dividends and social security benefits.
Verified Answer
NS
No stop I swear to gosh stopMay 23, 2024
Final Answer :
D
Explanation :
The lower limit of provisional income for a married, filing jointly taxpayer for Social Security purposes is $32,000. This threshold is used to determine how much of their Social Security benefits may be subject to income tax.
Learning Objectives
- Recognize the differences between income subjects to tax and those that are not, specifically related to corporate dividends and social security benefits.