The Baulding family has a basic health insurance plan that pays 80 percent of out-of-hospital expenses after a deductible of $250 per person. If three family members have doctor and prescriptiondrug expenses of $425, $1,444, and $195, respectively, how much will the Baulding family and the insurance company each pay? How could they benefit from a flexible spending accountestablished through Mr. Baulding's employer? What are the advantages and disadvantages of establishing such an account?The Baulding family will pay $(Round to the nearest dollar)

The calculation is as follows pays for the medical expenses1. Deductible: The deductible is…

Answered: he Baulding family has a basic health…

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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Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $142, 800 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, filing jointly and is paid weekly. What is Richard's net pay for the week if he earns $1,750? (Use Table 9.1).
Aa .14.
Sharon and Brian are in good health and have reasonably secure careers. Each earns $45,000 annually. They own a home with a $125,000 mortgage; they owe $25,000 for their car loans and have $22,000 in student loans. If one should die, they think that funeral expenses would be $12,000. What is their total insurance need using the DINK method?
Sammy's employer pays for 40% of her annual health insurance premium of $5,150.00. Sammy pays the remaining balance by having it deducted in equal amounts from her 26 paychecks throughout the calendar year. How much will Sammy have deducted from each paycheck?
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For purposes of the Child and Dependent Care Credit, all the following are qualified expenses except for which one? a. نن فم b. d. A $700 adult day care expense for a disabled spouse while the taxpayer workers. A $450 childcare expense while the taxpayer obtains emergency medical care. A $500 payment to a grandparent for childcare while the taxpayer is employed. A $350 payment to a day care center while the taxpayer is looking for employment.
Gabe contributes 12% of the total cost of his individual health care coverage. He pays $33.45 per week towards this contribution. What is the amount Gabe's employer contributes for health care coverage for the year ?
Tanner has a family and has chosen Plan C. Tanner has not used health insurance yet this year. Tanner goes to the hospital for some services and the bill is $1,000. How much of the bill will Tanner’s insurance pay?How much of the bill will Tanner pay
explain how you would position the applicable and needed insurance solutions to fit both the clients budget and needs for the following instances: Winston and Neisha have been married for almost 40 years. Neisha is 60 and Winston is 63. Neisha works in HR with her present company and has $300,000 in retirement savings. Winston works for the state government which provides him a pension of $1,500 per month (100% transferrable to Neisha) and $200,000 in a 457b plan. They have no debt and full health care benefits through Winston. They will have $2,500 per month combined Social Security income, no debt, and monthly expenses of $5,000. They plan to retire when Winston is 65 years old. Austin and Jenifer are both 35 years old with two (2) children ages 7 & 9. Austin works as an IT Manager with a medium-size firm and his salary is $120,000 annually. Jenifer stays at home with their children and works part-time earning approximately $10,000 to $15,000 a year. They had no other debt…
Welcome Care, a senior citizen day-care center, pays the major portion of its employees' medical insurance. An employee who selects coverage for him/her self and spouse must pay $163 each semimonthly paycheck. An Activities Director is hired at a semimonthly salary of $1750. Blank #1: Find the percentage method income for the Activities Director's semimonthly gross earnings of $1750. They are married with one withholding allowance on their W-4. Answer with units. One Withholding Allowance S 77.90 155.80 168.80 Payroll Perlod Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annualy Daily or miscellaneous (each day of the payroll period) 337.50 1.012.50 2,025.00 4.050.00 15.60

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