during the year, brenda (70), a single taxpayer, received $18,000 in social security benefits. her only other income consisted of $6,000 in wages from a part-time job and a pension distribution of $8,500. how much of brenda's social security benefits are taxable?

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21-10-2022
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during the year, brenda (70), a single taxpayer, received $18,000 in social security benefits. her only other income consisted of $6,000 in wages from a part-time job and a pension distribution of $8,500. how much of brenda's social security benefits are taxable?

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Qwline Qwline · Answer 1 · 2022-10-30T14:03:01+01:00

Since Brenda's income is less than $25000 therefore none of her social security benefits is taxable

For individuals with a total gross income that includes Social Security of at least $25,000 or couples filing jointly with a combined gross income of at least $32,000, up to 50% of Social Security income may be subject to taxation. If you and your spouse file jointly and have a combined income between $32,000 and $44,000, you will owe taxes on half of your benefits. If your income is higher than that, up to 85% of it may be taxed.

Computing income of Brenda:

Brenda's social security benefits = $18000

Amount of social security benefits to be considered for taxation = 50% of 18000 = $9000

Income from wages = $6000

Income from a part-time job and pension distribution = $8500

The combined income of Brenda = Social security benefits + Income from wages + Income from a part-time job and pension distribution

= 9000 + 6000 +8500

= $23,500

The combined income is $23500 which is less than $25,000 therefore none of her benefits is taxable

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