Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2022, they participate in a health insurance plan with a$3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan.Required:a1. Are they eligible to contribute to a health savings account?a2. If they can contribute to an HSA what is their maximum contribution and deduction?Complete this question by entering your answers in the tabs below.Required A1 Required A2Answer is not complete.If they can contribute to an HSA what is their maximum contribution and deduction?Maximum HSA contribution/deduction< Required A1Required A2 >

Answer:- Saving money for medical costs not covered by high deductible health plans is possible with…

Answered: Jada (age 53) and Elijah (age 60) are…

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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Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023. they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. If they can contribute to an HSA what is their maximum contribution and deduction? ________________
Joey, who is single, is not covered by another qualified plan and earns $126,000 at his job in 2020. How much can he contribute to a traditional IRA or to a Roth IRA in 2020?
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Tom and Tina are updating their financial plan and are concerned that they might not have enough life insurance coverage for their family, which includes two children, ages 4 and 10. They have determined that their annual income is $70,000 and their net worth is now $150,000. What is the amount of life insurance they should carry using the easy method?
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.
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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?
The Affordable Care Act (LO 7.4) Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2022, 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 2022 through their state exchange but did not elect to have the credit paid in advance. The 2022 Form 1095-A that the Collins received from the exchange lists the following information: Annual premiums Annual premium for the designated benchmark plan in the state $9,800 $10,800 Table for Repayment of the Credit Amount Less than 200% Single $325 Taxpayers Other Than Single $650 At least 200% but less than 300% 825 1,650 At least 300% but less than 400% 1,400 At least 400% No limit 2,800 No limit Click here to access the 2022 FPL table. Click here to access the 2022 Applicable Figure Table to use for this problem. Assume that the Collins' Form 1095-A also indicated that the…
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Problem 6-32 (LO 6-1) (Static) Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction? Complete this question by entering your answers in the tabs below. Required A1 Required A2 If they can contribute to an HSA what is their maximum contribution and deduction? Maximum HSA contribution and deduction
Vickie and her husband Jason have been married for 25 years and are planning to retire this year. Jason's PIA is $2,000. Renee's PIA is $800. Assuming they are both full retirement age, what is their maximum joint retirement benefit under Social Security? $3,000 $2,800 $2,000 O $4,000
Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 d. Julie paid $3,300 to the day care center and her AGI is $401,200 (all salary). Child and dependent care credit

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