Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Belinda also received $5,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $370. What is the effect on Belinda’s gross income?

Q: 3. What percentage of Mary’s income does she spend on health insurance

A: Here we have, Mary`s bi monthly income = $468Mary`s bi monthly health insurance =$26.54

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: Hubert's gross pay is $3,375 and take-home pay is $2,500. If Hubert is eligible for Social Security…

A: Hubert, a recipient of Social Security disability benefits, faces a complex financial situation as…

Q: Louise’s monthly gross income is $2,800. Her employer withholds $560 in federal, state, and local…

A: Debt-to-income (DTI) ratio is a significant factor in determining overall financial health in…

Q: In 2023, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax…

A: EXPLANATION:During the year, Margaret and John Murphy, a married couple filing a joint tax return,…

Q: Louise's monthly gross income is $2,700. Her employer withholds $540 in federal, state, and local…

A: Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income.…

Q: n 2021, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file a…

A: Answer:- Deductions are the  expenses that are subtracted from the taxpayer's gross income (GI) to…

Q: Williams Corporation reports the following direct labor information for November: Standard rate 2$…

A: Standard Costing: Standard costing involves setting-up predetermined cost or expenses estimates.…

Q: During 2021, Jerry is a self-employed therapist, and his net earned income is $160,000 from his…

A: Contribution plan:- The reason behind this plan is to provide the benefits for the employee after…

Q: Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020. She…

A: Itemized deductions: Deductions that individual can claim on federal income tax return and it…

Q: Lucille is 70 years old and is covered by Medicare. She contributes $3,050 to her HSA. Deductible…

A: HSA is health savings accounts,it provides tax benefit in the form of deduction to the contributor.

Q: Tim and Martha paid $9,100 in qualified employment-related expenses for their three young children…

A: The objective of the question is to calculate the amount of child and dependent care credit that Tim…

Q: Kimaya, age 30, spent $10,000 on qualified medical expenses during 2023. If her AGI for 2023 was…

A: In the United States, you can deduct certain qualifying medical expenses on your federal income tax…

Q: Tim and Martha paid $8,900 in qualified employment-related expenses for their three young children…

A: Child and dependent credit -The child and dependent care credit is available to taxpayers who pay…

Q: self-employed psychiatri

A: Maximum contribution allowed to an individual for the year 2021 is $58,000 or 25% of the net income…

Q: working on his bachelor's degree in engineering. His employer reimbursed his $ 4,050 tuition under a…

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

Q: Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer…

A: * As per the bartleby guidelines, in case of interlinked question answer first 3 only You are…

Q: If Julia, age 65 and self employed paid 380.00 per month for health ins, how much can she deduct if…

A: Part B Medicare is available for US citizens who are at least 65 years old or a lawful non-US…

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: Margo has an individual medical expense policy with a $1,000 deductible. She is required to pay 20…

A: Mediclaim is insurance in which the insured company pay certain amount of medical expenses but there…

Q: During 2019, Susan incurred and paid the following expenses for Beth (her daughter), Ed (her…

A: The fee paid for tuition, room, and board to Academy RR are eligible for deduction since Person B…

Q: Ashley has an individual medical expense insurance policy with a $1,000 calendar year deductible and…

A: A medical insurance is a health cover for expenses incurred by a person during medical emergency.

Q: ual insurance premium on​ Maria's home is ​$1,964 and the annual property tax is $1,434. If her…

A: The loans on home are paid by the monthly payments that involves the payment for interest and…

Q: Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2023,…

A: A refundable tax credit, the Earned Income Tax Credit (EITC) is intended to support working families…

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: Frederick is married, he earned $2,655 last week, and had year-to-date earnings of $141,344. Use…

A: An employee who makes $141,344 a year . Though Medicare tax is due on the entire salary, only the…

Q: During 2018, Jerry is a self-employed therapist, and his net earned income is $160,000 from his…

A: SEP IRA- A Simplified Employee Pension is a retirement plan that provides benefit to employees after…

Q: The Baulding family has a basic health insurance plan that pays 80 percent of​ out-of-hospital…

A: The family has a fixed deductible plan, that is a plan in which each family member might be…

Q: Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year.…

A: The child and dependent care credit is available to taxpayers who pay for childcare expenses out of…

Q: LO.2Barbara incurred the following expenses during 2020: $840 dues at a health club she joined at…

A: Medical expense deduction for 2020 above 7.5% of AGI will be considered as deduction

Q: Wendy (single) paid after-tax premiums for a long-term disability plan through her employer. After…

A: The objective of the question is to calculate Wendy's taxable income for the year 2023. Wendy's only…

Q: a, a self-employed accountant, currently earns $100,000 annually. Luna has been able to save 18% of…

A: A financial metric called the replacement ratio is used in retirement planning to determine the…

Q: Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children…

A: The objective of the question is to calculate the amount of child and dependent care credit that Tim…

Q: Raymond Reddington, who would

A: 1]In most cases, this means that you must be either the spouse or unmarried child under the age…

Q: Melvin, a self-employed dentist paid $4,476 for his health insurance premiums throughout the year…

A: A health insurance deduction is the  quantum that an individual or  pot can abate from their taxable…

Q: Roberto, age 50, has AGI of $110,000 for 2020. He has medical expenses of $13,200. How much of the…

A: Amount of Medical expense claimable as deduction under Schedule A for 2020 : Actual medical expenses…

Q: Reggie is 55, had a AGI of 31200 in 2021. During the year, he paid the following medical expenses…

A: To determine Reggie's medical expense deduction, we need to follow the IRS rules for medical expense…

Q: Susan is in an indemnity health insurance plan that has a $500 deductible and a co- insurance…

A: The procedure normally operates as follows under an indemnity health insurance plan with a…

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

Healthcare Plans