Midterm Exam Question 3 Answer

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Midterm Exam

3.  Reva is a single taxpayer with a taxable pension of $24,000, tax-exempt interest of $8,000, and Social Security benefits of $10,000. What is the amount of her taxable Social Security benefits?

  1. $8,500
  2. $10,000
  3. $5,000
  4. $7,050

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This question is taken from Accounting 015 – Tax Accounting I » Spring 2021 » Midterm Exam