Mr& MrsTsayong Are Both Over 66 Years of Age and Are

question 60

Multiple Choice

Mr.& Mrs.Tsayong are both over 66 years of age and are filing a joint return.Their income this year consisted of the following: They did not have any adjustments to income.What amount of Mr.& Mrs.Tsayongs Social Security benefits is taxable this year?

• A)$0
• B)$4,500
• C)$10,000
• D)$20,000

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Definitions:

Investment Company

A trust or corporation that focuses on deploying the aggregated investments of individuals into financial securities.

Mutual Fund Assets

The total market value of all financial assets held by a mutual fund.

Equity Funds

Investment funds that primarily invest in stocks, aiming to provide investors with capital growth or income through equity ownership.

Bond Funds

Mutual funds that invest primarily in bonds with the aim of generating income for their investors.