Ashley has an individual medical expense insurance policy with a $1,000 calendar year deductible and a 20% coinsurance clause. Ashley had outpatient surgery to remove a bunion on her foot and incurred medical bills of $10,000. How much will Ashley's insurer pay?
Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…
A: First loss = 2011 Second loss = 1404 Third loss = 2812 Straight deductible = 384, which is the…
Q: adeline has 30K per year of income as well as 25K per year of investment income. There was a problem…
A: Medical expenses are the costs to treat or prevent an injury or disease,include health and dental…
Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…
A: Loss in January = 1154 Loss in May = 1255 Loss in December = 1292 Straight Deductible = 824
Q: his year, Janelle received $200,000 in life insurance proceeds. The proceeds related to a life…
A: Taxable income is the portion of an individual's or a company's income that is used to determine how…
Q: Determine the employee’s total income tax deduction for this pay period.
A: Employee can be defined as an individual appointed by the organization to provide their services…
Q: Ms. Tim has given birth to a baby girl who she wants to pursue medicine when she turns 18. From the…
A: Present value is the present worth of any sum of a money to be received in the future at a specified…
Q: The Tucker family has health insurance coverage that pays 65 percent of out-of-hospital expenses…
A: T lives in the United States with his family. He has purchased family health insurance.…
Q: For several years, Annie’s employer has offered a traditional indemnity plan for healthcare coverage…
A: To help the decision-making process, the following assumptions would have to be made: AB is assumed…
Q: Mickey is a 12-year-old dialysis patient. Three times a week for the entire year, he and his mother,…
A: Given information, No of miles one way =20 Therefore, Number of miles per week =20 miles*2 * 3times…
Q: Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at…
A: Social Security tax = Annual net earnings x Social Security tax rate Medicare tax = Annual net…
Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…
A: Vehicle insurance protects drivers and passengers in automobiles, trucks, motorcycles, and other…
Q: Dotty, age 40, incurred and paid for the following items this year: Doctor visits for allergy…
A: As per IRS, expenses paid during the year less reimbursed portion by employer or insurance company…
Q: Mary Smith earned her four-year degree and is in her first year of consulting for a law firm. Her…
A: Payroll It is important to prepare the payroll expenses of the employees and make the statutory…
Q: Katie made a prepaid purchase of medical insurance of $3,200 for the year. In seven months she…
A: Insurance Value =$3200 Insurance Period = 1 year = 12 months Cancelled on 7th months
Q: Hinda works for LMN in Nova Scotia and earns an annual salary of $70,000.00 paid on a bi-weekly…
A: Answer:
Q: Tony is a 45-year-old self-employed psychiatrist who has net earned income of $300,000 in 2018. What…
A: Tax levied on the net profit is 15.3% in the case of self-employed persons. Here, self-employment…
Q: Reggie, who is 55, had AGI of $32,400 in 2020. During the year, he paid the following medical…
A: Since marijuana cannot be legally procured as per federal statute, the cost to procure is not…
Q: achel's health insurance policy has a monthly premium of $500. She has a $1,000 nnual deductible,…
A: Out of pocket cost means cost which are direct payment of money and subsequently no reimbursement…
Q: Valentino is a patient in a nursing home for 45 days of 2021. While in the nursing home, he incurs…
A: Gross income of an individual or an organization can be define as total amount of revenue or other…
Q: Old Granddad dies and you are the sole beneficiary of his $1M life insurance policy. The insurance…
A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…
Q: Valentino is a patient in a nursing home for 51 days of 2021. While in the nursing home, he incurs…
A: Gross income of the individual means income without taking any deductions and exemptions.
Q: If Steve were too badly injured to work as a mobile crane operator, he assumes that he can work in…
A: Insurance is an agreement between two parties in which the insurance company promises to make the…
Q: d. On September 30, 2018, Ridge loaned $150,000 to his mother so that she could enter a nursing…
A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…
Q: Dustin Ambrose is married and claims 3 allowances. His gross weekly pay is $628.00. Each week he…
A: There are 2 methods for calculating the federal tax withholding:- Wage bracket method or Percentage…
Q: Cal withdrew $800 from his HSA to pay for non-medical expenses. He had to pay 25% income tax plus a…
A: Withdrawal Amount = $800 Income Tax = 25% Penalty = 10%
Q: Linda bought a life insurance policy whereby she insured herself for 1 million for a period of 10…
A: The gross income from the insurance policy is the difference between the maturity amount received…
Q: Barbara was driving her vehicle, and her friend Kevin was a passenger. They were starting a one-week…
A: The explanation is given below
Q: Valentino is a patient in a nursing home for 45 days of 2021. While in the nursing home, he incurs…
A: Amount of exclusion from gross total income $10,000
Q: Bradford's automobile insurance policy has a $1,400 deductible, with a $3,800 out-of-pocket limit…
A: Here discuss about the insurance deduction and copayments when at the time of the claiming of the…
Q: Because Brooklynn has some health issues, she must pay 15% more for life insurance. About how much…
A: Insurance is a type of contract in which the insurance company promises to make the loss into good…
Q: In 2020, Mary and John Williams who are both over 65, married and file a joint return earned $29,408…
A: In Schedule A, Form 1040, deduction of only that portion of medical expense in available, which…
Q: Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her…
A: Tax refers to the amount charged by the government on the income earned by the companies and…
Q: Linda installed special pool for the hydrotherapeutic treatment of severe arthritis, as prescribed…
A: Calculate the amount of deduction allowed:
Q: Sammy's employer pays for 40% of her annual health insurance premium of $5,150.00. Sammy pays the…
A: As the employer is paying 40% of the premium Sammy will pay the balance of 100% - 40% = 60%
Q: Anderson Brown worked 39 hours during the first week of the calendar year and earns regular wages of…
A: Social Security Tax:- Social Security tax is imposed on both the employee and employer of the firm…
Q: Reggie, who is 55, had AGI of $36,400 in 2020. During the year, he paid the following medical…
A: Adjusted gross income (AGI) refers to the amount which is taken into consideration by IRS to…
Q: Tanner has a family and has chosen Plan C. Tanner has not used health insurance yet this year.…
A: The insurance company will only start paying for the bill after the deductible.
Q: Daryl purchases $250,000 worth of life insurance at a rate of $15 per $1000. If he pays quarterly,…
A: When a person Purchases or sells Property , property taxes are paid. Life Insurance is a contract…
Q: Steven buys a disability policy with a $6,800 per-month benefit and a $1,565 per-month Social…
A: Disability Insurance The purpose of implementing the disability insurance which given the protection…
Q: Edna spent the last 80 days of 2021 in a nursing home. The cost of the services provided to her was…
A: The calculation of daily statutory cost has been made as follows: Daily statutory cost=Number of…
Q: Theresita Guadalupe insured his life with an insurance company. Under the contract, she will pay a…
A: The question is related to the Insurance Contract. Income in respect of insurance contract will be…
Q: At the age of 50, Lala gave money to the insurance company with an agreement that Lala would receive…
A: Annual Amount = 2,000,000 End of year payments Assuming Interest Rate = 10%
Q: Asma, aged 40, female, purchased an insurance policy from Takaful Insurance with a face value of…
A: Permium per thousand for straight line life policy for female aged 40 = RO 12.46 Annual premium of…
Q: Faisal has insured his vehicle with AXA insurance company. Throughout the year he experiences a loss…
A: Loss in January = 2889 Loss in May = 2605 Loss in December = 1003 Aggregate Deductible = 1084
Q: Sarah made a prepaid purchase of medical insurance of $3,100 for the year. In five months he…
A: solution prepaid insurance Prepaid insurance is the amount of insurance paid in the…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Kara has a health insurance policy with a $2,000 deductible, $4,000 out of pocket limit, and 75/25 coinsurance clause. She had total medical bills of $10,000 for the policy period. How much does the insurer have to pay? $2,500 $2,000 $4,000 $6,000Laura was billed 1200 for a recent surgery. The patient has a $1500 deductible of which she has met 800additionher policy has 10% co-insurance How much will insurance pay? How much will Laura pay?You have a policy with a $1,000 deductible, 80/20 co-insurance, and a $7,500 maximum OOP. You become ill and are hospitalized for two days. The total cost for your treatment is $26,000. Answer the following questions. How much will you pay of the deductible? How much will you pay in co-insurance? What is the total OOP you will pay for this hospital visit? During the same policy year, you have an additional medical expense of $3,500. How much will you pay? What is your total OOP for the year-to-date? Later in the same policy year, you have a $5,000 charge for tests required after your previous hospital stay. How much will you pay
- The Tucker family has health insurance coverage that pays 65 percent of out-of-hospital expenses after a deductible of $1,360 per person. If one family member has doctor and prescription medication expenses of $4,000, what amount would the insurance company pay?A patient's total surgery charges are $1,278. The patient must pay the annual deductible of $1,000, and the policy states a 80-20 coinsurance. What does the patient owe? ExplainYou have health insurance coverage that pays 75% of out-of-hospital expenses after a $400 deductible. You incurred doctor and prescription medication expenses of $1090. What amount will the insurance company pay?
- A patient's total surgery charges are $1,278. The patient must pay the annual deductible of $1,000, and the policy states a 80-20 coinsurance. What does the patient owe?Selena, a surgeon, purchases a disability policy with a base benefit of $5,000 per month and an SIS offset benefit of $1,500. Selena is now disabled and receives a $1,000 in Social Security disability benefits. How much will Selena receive from the insurance company initially? O $6,000 $5,000 $5,500 $6,500The Baulding family has a basic health insurance plan that pays 80 percent of out-of-hospital expenses after a deductible of $250 per person. If three family members have doctor and prescription drug expenses of $984, $1,507, and $213 respectively, how much will the Baulding family and the insurance company each pay? How could they benefit from a flexible spending account established through Mr. Baulding's employer? What are the advantages and disadvantages of establishing such an account? The Baulding family will pay? The insurance company will pay? How could they benefit from a flexible spending account established through Mr. Baulding's employer? What are the advantages and disadvantages of establishing such an account?
- Rebecca and Irving incur the following medical expenses during 2020: Medical insurance premiums $4,505 Hospital 970 Doctors 1,885 Dentist 600 Veterinarian 165 Chiropractor 230 Cosmetic surgery 1,555 Over-the-counter drugs 150 Prescription drugs 195 Crutches 100 They receive $4,125 in reimbursements from their insurance company of which $270 is for the cosmetic surgery. Refer to Exhibit 8-2 to answer the following questions. If an amount is zero, enter "0". What is their medical expense deduction if their adjusted gross income is the following: a. Adjusted gross income of $42,000. Their medical expense deduction is $ b. Adjusted gross income of $71,000. Their medical expense deduction is $The Baulding family has a basic health insurance plan that pays 80 percent of out-of-hospital expenses after a deductible of $250 per person. If three family members have doctor and prescription drug expenses of $425, $1,444, and $195, respectively, how much will the Baulding family and the insurance company each pay? How could they benefit from a flexible spending account established through Mr. Baulding's employer? What are the advantages and disadvantages of establishing such an account? The Baulding family will pay $ (Round to the nearest dollar)Susan is in an indemnity health insurance plan that has a $500 deductible and a co- insurance percentage of 80/20. Susan falls down a flight of stairs and breaks her leg. She is hospitalized and the total cost of the hospital stay is $12,000. How much of the $12,000 is Susan responsible to pay and how much will the insurance company pay?