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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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

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 did
not 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 premiums
Annual premium for the designated benchmark plan in the state
$9,800
$10,800
Table for Repayment of the Credit Amount
Less than 200%
Single
$325
Taxpayers Other
Than Single
$650
At least 200% but less than 300%
825
1,650
At least 300% but less than 400%
1,400
At least 400%
No limit
2,800
No limit
Click 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 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

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