Problem 7-15The Affordable Care Act (LO 7.4)Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2021, 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 2021 through their state exchange but didnot elect to have the credit paid in advance. The 2021 Form 1095-A that the Collins received from the exchange lists the following information:Annual premiumsAnnual premium for the designated silver plan in the stateFederal Poverty Line for a family of fourCompute the Collins' premium tax credit for 2021.Click here to access the 2021 Applicable Figure Table.Round any division to two decimal places before converting to a percent. If required, round your final answer to the nearest dollar.11,200 XIncorrect$$9,800$10,800$26,200

Tax refers to the mandatory form of charge levied by the authorised government over the income…

Answered: ed and have two children ages 6 and 10.…

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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ed and have two children ages 6 and 10. In 2021, Susan's incom ome from tax exempt bonds. The Collins enrolled in health insur he 2021 Form 1095-A that the Collins received from the exchang an in the state 021. e Table. $9,800 $10,800 $26,200