Net worth analysis determines if the money available can support an individual's lifestyle. Required: Discuss how net worth analysis can assist in ascertaining whether an individual taxpayer has correctly declared his/her income. Comment on its shortcomings
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Net worth analysis determines if the money available can support an individual's lifestyle. Required: Discuss how net worth analysis can assist in ascertaining whether an individual taxpayer has correctly declared his/her income. Comment on its shortcomings
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- Before-tax incomes are a better measure of income as compared to after-tax incomes. True or false?Pls help ASAPThe accompanying table lists the incomes of five citizens of a hypothetical economy. Suppose the government introduces a new program for low-wage carners. Under this program, cach citizen is given a refund that is paid for with tax revenues and is equal to a percentage of the citizen's income. The chart shows applicable income brackets and the percentage to be refunded. Citizen Income ($) Income Range ($) Income Supplement (% of Original) Frankie 27000.00 0-17,000 40% Vinnie 33000.00 17,001-36,000 25% Artie 15000.00 36,001-52,000 10% Nicky 62000.00 52,001 and above 0% Jackie 25000.00 What is the amount of Frankie's refund? What is the amount of Artie's refund? What is the amount of Nicky's refund? Which of the following is a problematic feature of a welfare state that is mitigated by the supplement's gradual decline? the implicit marginal tax inflation a revenue shortfall recession
- An employer is not required to reasonably accommodate any individual employee's religious belief or practice. 1) True 2) FalseAny healthy HSA holder who is under 65 that uses the saved money in the account for non-health expense: A: will pay income tax B: will pay capital gains tax C: will pay tax plus a 20% penalty D: will not pay taxesIn a/an program, eligibility is based on simply being in a certain "category" of persons. a) Social Insurance b) Entitlement
- Can you explain the difference between prescriptive easements and adverse possession?H applied for a individual major medical policy. When H filed a claim within the first year of coverage and the underwriter noticed that the H's age on the claim form was different than what was listed on the application. The insurer will take which of the following actions regarding H's claim? A: Deny the claim and refund premiums B: Deny the claim, cancel the policy and keep all premiums C: Pay the claim in full and keep the policy as is D: Adjust the claim benefit amount to the insured's correct ageSocial security provides to all of the following except— disabled persons who are unable to work, able-bodied persons who choose not to work, retired persons who have reached the appropriate age, minor children whose parents are unable to care for them
- Reinsurer A enters into a quota share agreement with primary insurer P - In this quota share arrangement, P retains 70% of the losses and A assumes 30% of the losses. In a given year, P writes $500 Million of premiums and incurs losses of $100 Million Select all that apply P's share of premiums is $150 Million and P's share of losses is $30 Million. A's share of premiums is $350 Million and A's share of losses is $70 Million P's share of premiums is $350 Million and P's share of losses is $70 Million A's share of premiums is $150 Million and A's share of losses is $30 MillionAn employee who owns an individual Disability Income policy is injured in an automobile accident and files Proof of Loss with the insurance company. Under he Payment of Claims provision in the policy, the company will likely pay the policy benefits to the A.insured's employer b.insured's attending physician if the insured has assigned the benefits c.insured's beneficiary D.insuredwhat recommendations would you make regarding the benefits plan for the next year (consider both financial and non-financial considerations. what would be at least 2 benefits that would need to be eliminated or reduced. Benefit Employee Ranking (1- highest, 10 lowest) Cost (1 - highest, 10 -lowest) Utilization Rates Comments Health Insurance 1 1 76% Dental Insurnace 3 4 72% Vision Insurance 5 5 40% Life Insurance 9 9 100% Employer paid at a base benefit Long-Term Disability 8 6 100% Employer paid at a base benefit Short-Term Disability 7 2 67% 401k 4 3 80% Paid Time Off 2 10 100% All employees are full-time, elgible Employee Assistance Program 6 7 1% Tuition Reimbursement 10 8 2%
