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24 April, 10:20

Rhonda is single and receives the following income during the year: $30,000 taxable pension, $6,000 in social security payments, and $1,000 of interest on State of Iowa bonds. What is Rhonda's adjusted gross income based on the above information? a. $36,000b. $34,500c. $33,000d. $30,000e. None of the above

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  1. 24 April, 10:49
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    Rhonda's adjusted gross income = $33,000

    so correct option is c. $33,000

    Explanation:

    given data

    taxable pension = $30,000

    social security payments = $6,000

    interest on State of Iowa bonds = $1,000

    to find out

    Rhonda's adjusted gross income

    solution

    we get here Rhonda's adjusted gross income that is express as

    adjusted gross income = Taxable pension + Social security ... 1

    here we know If income is between $25,000 and $34,000 than there is up to 50 % of your benefits may be subject to tax

    so here Social security = 50% * $6,000 = $3000

    so total adjusted gross income will be

    Rhonda's adjusted gross income = $30,000 + $3,000

    Rhonda's adjusted gross income = $33,000

    so correct option is c. $33,000
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