The Affordable Care Act (LO 7.4)Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2022, Susan's income is $43,120 and Stan's is $12,000 and both are self-employed. They also have $500 in interest income from tax-exempt bonds. The Collins enrolled in health insurance for all of 2022 through their state exchange but didnot elect to have the credit paid in advance. The 2022 Form 1095-A that the Collins received from the exchange lists the following information:Annual premiumsAnnual premium for the designated benchmark plan in the state$9,800$10,800Table for Repayment of the Credit AmountLess than 200%Single$325Taxpayers OtherThan Single$650At least 200% but less than 300%8251,650At least 300% but less than 400%1,400At least 400%No limit2,800No limitClick here to access the 2022 FPL table.Click here to access the 2022 Applicable Figure Table to use for this problem.Assume that the Collins' Form 1095-A also indicated that the total advance payment of the premium tax credit was $11,200. Calculate the excess advance premiumtax credit and the repayment amount for 2022.Round any division to two decimal places before converting to a percent.Excess advance premium tax creditRepayment amount$8,487 X10,800 X

Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Assume that the Collins' Form 1095-A also indicated that the total advance payment of the premium tax credit was $11,200. Calculate the excess advance premium tax credit and the repayment amount for 2022. Round any division to two decimal places before converting to a percent. Excess advance premium tax credit Repayment amount 8,487 X 10,800 X

Assume that the Collins' Form 1095-A also indicated that the total advance payment of the premium tax credit was $11,200. Calculate the excess advance premium tax credit and the repayment amount for 2022. Round any division to two decimal places before converting to a percent. Excess advance premium tax credit Repayment amount 8,487 X 10,800 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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H1. Account
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