Household income for purpose of the premium tax credit includes all of the following except: Oa....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Household income for purpose of the premium tax credit includes all of the following except: Oa. a. Any tax-exempt income Ob. Nontaxable Social Security benefits Oc. AGI of the taxpayer's dependents if required to file a return Od. AGI of the taxpayer Oe. All of these choices are included in household income. Which of the following is not an exemption from minimum essential coverage for health insurance: Oa. the taxpayer's income is less than 200% of the federal poverty level Ob. the taxpayer had coverage for all but 1 month during the year c. the taxpayer was in jail Od. the taxpayer spent 350 days out of the United States during the year Caprice is a single 42-year-old with income of $14,000 in 2018. She lacked minimum essential coverage for 7 months in 2018. What is her individual shared responsibility payment amount? Oa. $405.44 Ob. $695.00 Oc. $50.00 Od. $0 Oe. None of these choices are correct. The child and dependent care provisions: Oa. Apply only to children under age 15. Ob. Are available only to single parents. Oc. Are allowed only for taxpayers earning less than $43,000. d. Are available for the care of spouses incapable of self-care. Clark, a widower, maintains a household for himself and his two dependent preschool children. For the year ended December 31, 2018, Clark earned a salary of $32,000. He paid $3,600 to a housekeeper to care for his children in his home, and also paid $1,500 to a kiddie play camp for child care. He had no other income or expenses during 2018. Before considering any limitation due to tax liability, how much can Clark claim as a child and dependent care credit in 2018? Oa. $1,300 Ob. $910 Oc. $5,100 Od. $1,326 Oe. None of these choices are correct. Household income for purpose of the premium tax credit includes all of the following except: Oa. a. Any tax-exempt income Ob. Nontaxable Social Security benefits Oc. AGI of the taxpayer's dependents if required to file a return Od. AGI of the taxpayer Oe. All of these choices are included in household income. Which of the following is not an exemption from minimum essential coverage for health insurance: Oa. the taxpayer's income is less than 200% of the federal poverty level Ob. the taxpayer had coverage for all but 1 month during the year c. the taxpayer was in jail Od. the taxpayer spent 350 days out of the United States during the year Caprice is a single 42-year-old with income of $14,000 in 2018. She lacked minimum essential coverage for 7 months in 2018. What is her individual shared responsibility payment amount? Oa. $405.44 Ob. $695.00 Oc. $50.00 Od. $0 Oe. None of these choices are correct. The child and dependent care provisions: Oa. Apply only to children under age 15. Ob. Are available only to single parents. Oc. Are allowed only for taxpayers earning less than $43,000. d. Are available for the care of spouses incapable of self-care. Clark, a widower, maintains a household for himself and his two dependent preschool children. For the year ended December 31, 2018, Clark earned a salary of $32,000. He paid $3,600 to a housekeeper to care for his children in his home, and also paid $1,500 to a kiddie play camp for child care. He had no other income or expenses during 2018. Before considering any limitation due to tax liability, how much can Clark claim as a child and dependent care credit in 2018? Oa. $1,300 Ob. $910 Oc. $5,100 Od. $1,326 Oe. None of these choices are correct.
Expert Answer:
Answer rating: 100% (QA)
Part1 Q Household income for purpose of the premium tax credit includes all of the following except ... View the full answer
Related Book For
Fundamentals of Taxation 2017
ISBN: 9781259752735
10th edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
Posted Date:
Students also viewed these accounting questions
-
Response plans will vary depending on the type of risk, probability, impact, and risk attitude levels of the organization True False
-
What is the maximum child and dependent care credit available to an employed individual who has $8,000 of qualifying child care expenses and two or more qualifying dependents?
-
Which of the following is not an internal audit objective designed to add value to a purchas-ing department? a. A review of the bidding process indicates that a vendor company may be operating under...
-
Ames Manufacturing Plant produces two different replacement parts for dishwashers. During a normal shift, they have 7 hours of time available on their main fabrication machine. The machine will...
-
Assume that the opportunity cost of capital is 25%. Provide a plot of the relation between the hurdle rate used by a manager for projects and the manager's tenure?
-
The summary table giving the number of the 158,044 Finnish citizens in each IQ score/investment category is reproduced below. Again, suppose one of the citizens is selected at random. For...
-
Why do we need to gather requirements?
-
Wimberly Holdings acquired a delivery truck on January 1, 2014, for $86,000. It is expected to last five years and then sells for about $16,000. Calculate depreciation for each year of the trucks...
-
After watching the movie(Enron- the smartest guys in the room) and also the clip of Milton Friedman discussing Greed, what are your thoughts on the difference of "free markets" vs. regulations in...
-
1. what is the source of wave motion? 2. describe how a wave is different from a pulse. 3. if we double the frequency of a vibrating object, what happens to its period? 4. a railroad locomotive is at...
-
Introductory Accounting does not require complex math or complicated procedures. It is important to assign cost figures to their correct place in the key financial documents. This Homework is a...
-
1.Suppose the Baumol-Tobin model of money demand is correct. Everyone is alike and earns money income of $30,000/year. Brokers charge a fee of $2 for every transaction. The money supply is $1000 per...
-
NKU Dining Services realized that customer segmentation would help them better serve their students, so it embarked on a program to isolate and understand different market segments. As a foundation...
-
By exploring the website coast.noaa.gov/hurricanes, identify the most severe hurricane that has occurred within 100 km of Chetumal, Mexico since 2000. How close did its eye come to Chetumal? Estimate...
-
7. Kermit's Kandles Ltd. sells candles at a price of $8 each. Following is a table showing Kermit's fixed and variable production costs. Units of Output per Day 0 100 200 300 400 500 600 $4800 4000...
-
Sandra is applying for a scholarship currently valued at $12,000 today. If she is awarded it at the end of next year, how much is the scholarship worth in today's dollars, assuming inflation of 4...
-
In relation to its payables control account, at its year end of 30 April 20X1 Company A has discovered that: A contra of 85 with the receivables control account is required. Discount allowed to...
-
As economic conditions change, how do banks adjust their asset portfolio?
-
Jessica's office building is destroyed by fire on November 15, 2016. The adjusted basis of the building is $410,000. She receives insurance proceeds of $550,000 on December 12, 2016. a. Calculate her...
-
Indicate whether each of the following items is considered a for AGI, (above-the line) deduction for the 2016 tax year. a. Student loan interest. b. Gambling losses. c. Early withdrawal penalty. d....
-
Alice owns undeveloped land with an adjusted basis of $160,000. She sells the property to George for $205,000. a. What is Alice's realized and recognized gain? b. To what IRC section does the gain on...
-
For the comb filter of Figure 4.31, choose \(L=10\) and compute the magnitude and phase responses for the cases where \(a=0, a=0.6\), and \(a=0.8\). Comment on the result. x(n) + Fig. 4.31....
-
Design second-order lowpass and highpass blocks, and combine them in cascade, to form a bandpass filter with passband \(0.3 \leq \omega \leq 0.4\), where \(\omega_{\mathrm{s}}=1\). Plot the resulting...
-
Design a second-order notch filter capable of eliminating a \(10 \mathrm{~Hz}\) sinusoidal component when \(\omega_{\mathrm{s}}=200 \mathrm{rad} / \mathrm{sample}\) and show the resulting magnitude...
Study smarter with the SolutionInn App