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AccountingNerd8
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The Wiley book has half of a page discussing Social Security. But Mr. Yaeger during the Yaeger cram says we just need to know the rule of thumb: 85% of benefits must be included in gross income by high-income taxpayers.
Is there anything else we need to know concerning social security?
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AccountingNerd8
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Hey AccountingNerd8, I did a search on this topic in the older posts, and I found this:
If provisional income is under $25,000, then SS is not taxable
If provisional income is over $60,000, then 85% of SS is taxable
If it's in between 25 and 60, then its the lesser of:
50% of the social seuirty benefits, or
50% of the excess of the taxpayer's provisional income over the base amount
This is also in the Wiley book, so you should probably go ahead and memorize it. Good luck on your exam! I know you will do great!
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AccountingNerd8
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Thanks for your help!
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AccountingNerd8
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You know you are sick of studying when you start having conversations with yourself on cpanet......
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Future CPA 14
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Funny.
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Topic: Social Security included in income
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