Select the best answer. Trina received a lump-sum payment of $4,000. The payment

Question

Select the best answer. Trina received a lump-sum payment of $4,000. The payment is for Social Security benefits that 1990 ($3,000) and 1991 ($1, Security benefits are included in gross income. For 1990 and 1991, 50% of all Social Security benefits were included in gross income. What is the least amount of the lump-sum payment that Trina can include in this year's gross income? 000). For the current year, she has a marginal tax rate of 30% and 85% of all Social A. $O B. $2,000 C. $3,400 D. $4,000o

Explanation / Answer

Since for the year 1990&1991, 50% of all social security benefits should be included in gross income,

Therefore the minimum lumpsum payment that Trina should include in her gross income = 50% of $4000 =$2000.

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