How much of this person’s direct medical expenses was paid by the insurance company? What did they have to pay for the rehab? How much income was los

Teri Silva’s Whisker Watcher pet watching business shut down during the pandemic since people were no longer traveling and therefore didn’t need her pet watching service. To help her until she found a new job, Teri’s credit union offered her a $9,500 personal loan requiring no collateral with payments of $218.78 monthly for 4 years. Calculate her APR by table. (Use Table 14.1)

Ellie has a rough December and racks up the following services: Radiology and diagnostic tests (allowable charges $1, 200), one ER visit (allowable charges $3,000), two visits to her primary physician (allowable charges $200), 3 prescriptions (2 generics and 1 formulary). Through November, Ellie had satisfied $2,500 towards her deductible. All services were in - network. How much is Ellie obligated to pay?

Nancy Houser has a $1,500 overdue debt for medical books and supplies at Ken's Bookstore. She has only $500 in her checking account and doesn't want her parents to know about this debt. Ken's tells her that she may settle the account in one of two ways since she can't pay it all now: 1. Pay $500 now and $1,200 when she completes her residency, two years from today. 2. Pay $2,000 one year after completion of residency, three years from today. Assuming that the cost of money is the only factor in Nancy's decision and that the cost of money to her is 8%, which alternative should she choose?

John made a prepaid purchase of medical insurance of $3,000 for the year. In seven months he cancelled the insurance. Calculate the pro-rated refund he should receive from the insurance company.

Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $65,200 and has incurred the following medical expenses: $ 1,580 1,860 Dentist charges Physician charges Optical charges Cost of eyeglasses Hospital charges Prescription drugs Over-the-counter drugs Medical insurance premiums (not through an exchange) 620 535 3,100 585 870 860 b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Medical expenses

Dotty, age 40, incurred and paid for the following items this year: Doctor visits for allergy treatments $4,300 Eyeglasses 300 Medical insurance premiums 2,700 She received insurance reimbursements of $3,000 and her AGI was $20,000. What is her maximum allowable medical expense deduction for the current year? (For this problem, medical expenses in excess of 10% of AGI are deductible) O $7,300 O $4,300 O $2,300 O $2,000 ****

Justin Granovsky, an assistant manager at a small retail shop in Morgantown, West Virginia, has an unusual amount of debt. He owes $5,400 to one bank, $1,800 to a clothing store, $2,700 to his credit union, and several hundred dollars to other stores and individuals. Justin is paying more than $460 per month on the three major obligations to pay them off when due in two years. He realized that his take-home pay of slightly more than $3,100 per month did not leave him with much excess cash. Justin discussed a different way of handling his major payments with his bank’s loan of-ficer. The officer suggested that Justin pool all of his debts and take out an $11,000 debt-consolidation loan for seven years at 14 percent interest. As a result, he would pay only $250 per month for all his debts. Justin seemed ecstatic over the idea.       (a) Is Justin’s enthusiasm over the idea of a debt-consolidation loan justified? Why or why not? (b) Why can the bank offer such a “good deal” to Justin?…

This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $78,300 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 3,000 1,600 1,400 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable income

Kemiah has the following insurance information from her employer: Premium: $200/month Deductible: $150 Tier 1: $10 Tier 2: $20 Tier 3: $40 She has never filled a prescription before, and brought her script for phentermine 37.5 mg to the pharmacy for processing. The pharmacy technician at the window informs Kemiah that this drug is not covered, and has a cash price of $37.22. Assuming she has paid the premium for her insurance to be active, what will she have ended up paying for the drug that month, all costs included? O a. $37.22 Ob. $200 O c. $150 O d. $237.22