Belinda, a 55 year old single woman with no dependents, has a $75,000 groupterm life insurance policy through her employer. Her employer pays thepremiums on Belinda's group term life insurance policy. How much per year willBelinda have to include into her gross income associated with the cost of thisinsurance? Assume the cost of this insurance is $0.43 per month per $1,000 ofcoverage.Multiple Choice$0$65$129None of the above

Answer:- Term life insurance definition:- A term insurance policy is one of the most basic and…

Answered: Belinda, a 55 year old single woman…

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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Mark and carried married and they will file a joint breturn the both work full-time and their total income in 2020 is 89000 all from wages.they have one dependent child aubrey [5] during the year the spent 7000 for aubreys child care . Neith mark now carried recieve any dependent care benefit from employer what amouy may the use to calculate the child care credit
In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs.What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.) a. Their AGI is $15,000, consisting of $5,000 of capital gains and $10,000 of wages.
LO.2 Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $380. Of the $15,000, what amount may Valentino exclude from his gross income?
39. Annie is covered by a $200,000 group-term life insurance policy of which her daughter is the sole beneficiary. Annie's employer pays the entire premium for the policy, for which the uniform premium table factor is $0.75 per $1,000 per month of coverage. How much, if any, of the cost of the group-term life insurance is included in Annie's gross income on an annual basis? a. $0. b. $450. c. $1,350. d. $1,800.
1
Aa.55.
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Caprice is a single 42-year-old with income of $14,000 in 2018. She lacked minimum essential coverage for 7months in 2018. What is her individual shared responsibility payment amount?a. $0b. $405.44c. $695.00d. $50.00e. None of the above
Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up
None
Assume your client, Jenni, age 50, takes a distribution of her Roth IRA assets six tax years after she funded her account. Which of the following distributions will be income tax free and free from the 10% early withdrawal penalty? A) A distribution due to a disability B) A distribution for medical expenses exceeding 7.5% of her adjusted gross income C) Distributions in the form of substantially equal periodic payments to her D) Distributions for health care insurance payments if she becomes unemployed
A5

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