7-516. James did not have minimum essential coverage for any part of 2018. If James is single and has 2018 adjusted gross income of $41,000, what is his individual shared responsibility payment? a. $0 b. $695 c. $283 d. $725

7-516. James did not have minimum essential coverage for any part of 2018. If James is single and has 2018 adjusted gross income of $41,000, what is his individual shared responsibility payment? a. $0 b. $695 c. $283 d. $725

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Paul and Karen Kent are married, and both are employed (Paul earns $44,000 and Karen earns $9,000…

A: Tax credits, however, benefit all taxpayers in the same amount regardless of their marginal tax…

Q: LO.2 For calendar year 2020, Jean was a self-employed consultant with no employees. She had $80,000…

A: If a self-employed person has a net profit, the IRS permits them to deduct 100% of their medical…

Q: Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest…

A: Solution Gross income is the total amount of income that an individual earned before taxes and…

Q: 1. An employee whose current-year earnings subject to Social Security tax are $137,900 and whose…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $15,300 in 2020 for…

A: AnswerIncome tax:- Income tax is the tax that an individual is responsible on their earned income.…

Q: prescribed A. 80,000 B. 82,500 go C. 175,000 221.500 The deductible amount of interest is FO

A: Deductible interest expense refers to the interest payments that an individual or business can…

Q: Using the EIC tables calculate the amount of her 2022 earned income credit.

A: Given in the question: Earned Income = $8,500 Adjusted Gross Income = $10,000 The year is 2022 It…

Q: a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other qualified…

A: For the tax year 2023, individuals under the age of 50 can contribute up to $6,500 to a Traditional…

Q: 16. Max and Alexandra are married and incur $5,500 of qualifying expenses to care fo their two…

A: The taxpayer is allowed to claim a deduction for expenses incurred on the dependent child care. The…

Q: N paid the family's medical expenses for the current year which totaled $3,000. Medicals Net Income…

A: The Internal Revenue Service (IRS) allows taxpayers to deduct qualified medical expenses that exceed…

Q: A-10. Nicole, files as Head of Household and receives $7.400 in alimony, $22,306 in wages, and $105…

A: EIC or EITC stands for earned income tax credit. It is a type of credit that is allowed to low or…

Q: Credit (LO 7.3) Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita…

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: The earned income credit is $

A: The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax…

Q: Child and Dependent Care Credit (LO 7.3) Calculate the amount of the child and dependent care credit…

A: Child and dependent care credit:The child and dependent care credit is a non-refundable tax credit…

Q: Earned Income Tax Credit

A: Every US resident has to file taxes on income earned for the year. However, various provisions and…

Q: Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's…

A: INTRODUCTION: The income used to compute taxes is known as the taxable income. After subtracting…

Q: 9. Social Security payments to Deceased Dependants If the deceased was entitled to $1,100/per month…

A: As per the relevant laws, a dependent child can attain up to 75% of the benefit of the worker if…

Q: Rasheed works for Company A, earning $394,000 in salary during 2022. Assuming he is single and has…

A: In 2022, the Federal Insurance Contributions Act (FICA) tax consists of two components: Social…

Q: Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as…

A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…

Q: Under what circumstances is it advantageous for a taxpayer to make a nondeductible contribution to a…

A: Tax year not given assuming tax year 2022For Roth IRAs, there are income limits that determine…

Q: Nareen is single, 68 years old, and reports the following in 2022: a. $12,000 alimony received…

A: Qualified business: The company must be a pass-through organization to be qualified to claim a tax…

Q: Smithers is a self-employed individual who earns $45,000 per year in self-employment income.…

A: Self-employed people frequently shoulder the cost of their own health insurance premiums, which can…

Q: James did not have minimum essential coverage for any part of 2017. If James is single and has 2017…

A: Formula to calculate individual responsibility payment for the year 2018, is the greater amount…

Q: 36. The following interest payments were made by an individual income taxpayer in 2022: Interest on…

A: Deductible interest expense refers to the interest payments that an individual or business can…

Q: 2. LO 7.3 Calculate the amount of the child and dependent care credit allowed before any tax…

A: The Child & Dependent Care Credit, provided by the IRS, is a financial relief for taxpayers…

Q: Bill has the following income and expense statement: Income Salary Bonuses Rental income Capital…

A: Taxable income is the income which is subject to taxation. In order to arrive at the taxable income,…

Q: When can an individual deduct the premiums paid for a disability income policy? Under no…

A: Solution: As per IRS, Premium paid on disability income policy is not tax deductible. If you itemize…

Q: Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's…

A: The taxable income is the income on which the tax is calculated. The taxable income is calculated…

Q: LO.1, 8 Compute the taxable income for 2020 for Emily on the basis of the following information. Her…

A: The processes used to produce tax assets and liabilities in an individual's or a business's…

Q: REQUIRED: Compute the childcare expense deduction under section 63 for 2022

A: In accordance with a provision in the tax code, qualifying taxpayers may deduct a percentage of…

Q: Zack, a sole proprietor, has earned income of $36,145 in 2022 (after the deduction for one-half of…

A: The self-employment tax rate in the United States for 2022 is 15.3%. This tax consists of two parts:…

Q: 18. Adoption Credit. (Obj. 2) In 2019, a married couple paid $6,000 in qualified adoption expenses…

A: ''Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: May is a self-employed business owner. She has 3 employees. She offers medical bakery

A: Insurance premium paid by the employers are tax deductible on the income statments of the employers…

Q: Required information Problem 5-56 (LO 5-2) (Algo) [The following information applies to the…

A: Social security benefits provide replacement income for retired adults and individuals with…

Q: 39. Annie is covered by a $200,000 group-term life insurance policy of which he beneficiary. Annie's…

A: Life-Insurance Premium -The sum of money that a person or organisation pays the insurance provider…

Q: 4. Based on the following data, would Beth and Roger Simmons receive a refund or owe additional…

A: Calculation of taxable income and tax liability. Adjusted gross income $42,140 Deductions:-…

Q: Ken recieved $13000 in disability benefits for the year. He purchased the disability insurance…

A: Disability Benefits: It is one of the social protection elements that address needs related to…

Q: - SCENARIO Helen works for jefferson Movers in Alberta and earns an annual salary of $46,914.00 paid…

A: Every organization has many employees working for a single purpose of the company. The company…

Q: Chad is divorced and has custody of Brett, his 14-year-old son. Chad's ex-wife has custody of their…

A: Standard deduction reduces the tax payers taxable income.Its ensure that only households with income…

Q: Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest…

A: Grady is single and has income of 22330 +630 + 4160 (8320 x 50%) =27,120 The amount of 21,120 Falls…

Q: Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work…

A: The Child and Dependent Care Credit is a tax credit offered by the U.S. Internal Revenue Service for…

Q: Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2022,…

A: Earned income credit Earned Income Tax Credit (EITC) is a tax credit in the U S. The Earned Income…

Q: 1. MC.02-075 Ren and Mina are divorced and under the terms of their written divorce agreement signed…

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: a. What is Xinran's 2021 NOL? b. Determine Xinran's taxable income for 2022.

A: Income includes salary, capital gain, earning from business or profession and income from other…

Q: Problem 7-6 Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned…

A: Diane has 2 children. She is a single tax payer. To qualify for earned income tax credit (EITC), she…

Q: Rafael and Lucy, married taxpayers, each contribute $3,850 to their respective 5401(k) plans offered…

A: Contribution to 401(k) plans shall allow the credit that can be claimed from the AGI, In case of a…

Q: Susan and Stan Collins live in lowa, are married and have two children ages 6 and 10. In 2021,…

A: Tax refers to the mandatory form of charge levied by the authorised government over the income…

Question

7-516. James did not have minimum essential coverage for any part of 2018. If James is single and has 2018 adjusted gross income of $41,000, what is his individual shared responsibility payment?

a. $0

b. $695

c. $283

d. $725

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

M104.
B3.
B4.
1. Robert works for American Motors. American Motors pays a $1,200 premium on Robert's health insurance in 2021. Robert has an operation on his big toe in 2021 that cost $7,200. The insurance company paid for $6,800 of it. Which one of the following is true for 2021? a.Robert must claim the $1,200 premium and the $6,800 insurance payment as income. b.Robert must claim the $1,200 premium paid by his employer as income. c.Robert must claim the $6,800 paid by the insurance company for the operation as income. d.None of these events are taxable on his 2021 return. 2. Electronically filed tax returns: a.Have error rates similar to paper returns. b.Offer faster refunds than paper returns. c.May not be transmitted from a taxpayer's home computer. d.Constitute less than 50 percent of the returns filed with the IRS. 3. John, age 25, is a full-time student at a state university. John lives with his unmarried sister, Ann, who provides over half of his support. His only income is $4,400 of…
Compute Sandee’s 2021 net rental income
A2
Individual Retirement Accounts (LO 5.3) Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2018? Phil $ Linda $ b. Assuming Phil's wages were $53,000 and Linda's wages were $70,000 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2018? Phil $ Linda $
(13) When completing his 2019 Form W-4, Fred Allert indicated he was married with three dependent children and a nonworking spouse. How many withholding allowances could he have claimed on his W-4? a.3 b.6 c.7 d.5 e.None of these choices are correct.
Haresh
1
Problem 13-67 (LO 13-4) (Algo) (The following information applies to the questions displayed below.] In 2023, LeSean (age 54 and single) has earned income of $3,600. He also has $32,200 of unearned (capital gain) income. Problem 13-67 part a (Algo) a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make in 20237 Maximum deductible IRA contribution
Subject - account Please help me. Thankyou.