Which of the Following Statements About Taxation of Social Security

question 36

Multiple Choice

Which of the following statements about taxation of Social Security retirement benefits under federal law is (are) true?
I.Social Security retirement benefits are never considered taxable income.
II.Up to 85 percent of Social Security retirement benefits may be considered taxable income,depending on the amount of other income received by the beneficiary.

• A)I only
• B)II only
• C)both I and II
• D)neither I nor II

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Definitions:

Subtreasury Plan

A proposal in the late 19th century aiming to revolutionize credit and storage for agricultural products to benefit farmers.

Farmers' Alliances

Late 19th-century movements in the United States that aimed to improve the economic conditions for farmers through the creation of cooperatives and political advocacy.

Stored Crops

Refers to harvested agricultural products that are kept in storage, usually to ensure food supply stability or for selling when market conditions are favorable.

Populist Party

A political party in the United States in the late 19th century that sought to represent the interests of farmers and laborers.