Business, 01.03.2021 22:50 zykia1002

Charles E. Bennett, age 64, will retire next year and is trying to decide whether to begin collection his Social Security benefits at that time. His monthly benefits will increase if he defers his starting date for the benefits. He has asked you to estimate how much his income tax will increase as a result of collecting Social Security. Charles and his wife Bernice B., file a joint return, have no other dependents, and claim the standard deduction. Their only income other than the Social Security benefites are:Interest and dividends $6,000Taxable pension $40,000The Social Security benefits for the year would be $12,000.a. Complete Worksheet 1, Figuring Your Taxable Benefits, included in the IRD Publication 915 to determine the taxable portion of this couple's taxable Social Secuirty benefits (the publication includes a blank worksheet).b. What is the taxable portion of the $12,000 in Social Security Benefits?

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Charles E. Bennett, age 64, will retire next year and is trying to decide whether to begin collectio...

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