82.7k views
5 votes
The taxable portion of Social Security benefits may be affected by:

a) The taxpayer's itemized deductions.

b) The individual's tax-exempt interest income.

c) The number of quarters the individual worked.

d) The individual's standard deduction.

e) None of these.

User JGrindal
by
7.7k points

1 Answer

3 votes

Final answer:

The taxable portion of Social Security benefits may be affected by the taxpayer's itemized deductions, the individual's tax-exempt interest income, and the individual's standard deduction.

Step-by-step explanation:

The taxable portion of Social Security benefits may be affected by a) the taxpayer's itemized deductions, b) the individual's tax-exempt interest income, and c) the individual's standard deduction. Itemized deductions are expenses that taxpayers can claim on their tax returns to help reduce their taxable income. If a taxpayer has significant itemized deductions, it could lower the taxable portion of their Social Security benefits. Tax-exempt interest income is income that is not subject to federal income tax. However, it can still affect the taxable portion of Social Security benefits. If a taxpayer has a high amount of tax-exempt interest income, it could increase the taxable portion of their Social Security benefits. The individual's standard deduction is a set amount determined by the IRS that taxpayers can subtract from their taxable income. If a taxpayer has a higher standard deduction, it could lower the taxable portion of their Social Security benefits.

User Annyo
by
7.9k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.