Question

Bernie is a former executive who is retired. This year Bernie received $190,000 in pension payments and $15,200 of Social Security payments. What amount must Bernie include in his gross income

Answer 1

Answer:

$202,920

Explanation:

Calculation to determine determine What amount must Bernie include in his gross income

Using this formula

Gross income=Pension payments Received+85% of social security benefits

Let plug in the formula

Gross income=$190,000 + ($15,200 * 85%)

Gross income=$190,000+$12,920

Gross income=$202,920

Therefore The amount that Bernie must include in his gross income is $202,920