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> Answer is complete but not entirely correct.If they can contribute to an HSA what is their maximum contribution and deduction?Maximum HSA contribution and deduction0< Required A1Required A2 >

If taxpayers are enrolled in a High Deductible Health Plan (HDHP), consumers can use their Health…

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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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?
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 2023 in each of the following alternative scenarios? A. Julie paid $6,150 to the day care center, and her AGI is $50,600 (all salary).
Tim and Martha paid $8,100 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $2,900 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $56,600 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Required: a. What amount of child and dependent care credit can they claim on their Form 1040? b. How would your answer differ (if at all) if the couple had AGI of $36,900 that was earned entirely by Martha? a. Child and dependent care tax credit b. Child and dependent care tax credit Amounts
6. Adrianna wants to provide retirement income for her dependent parents for 23 years should she die. Adriana earns $67,500 and feels that her parents could live on 70% of that amount. If the insurance funds could be invested at 5.5%, how much life insurance does Adrianna purchase using the desired income method? O $714,666.67 $618,666.67 $859,090.91 $1,546,667.84
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Please do the following question with full working
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.
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…
Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020, 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 2020 through their state exchange and elected to have the credit paid in advance. The 2020 Form 1095-A that the Collins received from the exchange lists the following information: Annual premiums $9,800 Annual premium for the designated silver plan in the state $10,800 Total advance payment of the premium tax credit $9,200 The Federal Poverty Line for a family of four is $25,750. Table for Repayment of the Credit Amount Single Taxpayers OtherThan Single Less than 200% $325 $650 At least 200% but less than 300% 800 1,600 At least 300% but less than 400% 1,350 2,700 At least 400% No limit No limit Click here to access the 2020 Applicable Figure Table to use for this…
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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

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