Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2021, 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 2021 through their state exchange but did not elect to have the credit paid in advance. The 2021 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 Federal Poverty Line for a family of four $26,200 Compute the Collins' premium tax credit for 2021. Click here to access the 2021 Applicable Figure Table. I gave a link for the 2021 table
Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2021, 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 2021 through their state exchange but did not elect to have the credit paid in advance. The 2021 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 Federal Poverty Line for a family of four $26,200 Compute the Collins' premium tax credit for 2021. Click here to access the 2021 Applicable Figure Table. I gave a link for the 2021 table
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2021, 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 2021 through their state exchange but did not elect to have the credit paid in advance. The 2021 Form 1095-A that the Collins received from the exchange lists the following information:
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Compute the Collins' premium tax credit for 2021.
Click here to access the 2021 Applicable Figure Table. I gave a link for the 2021 table
https://drive.google.com/file/d/1_WyzA_1WM2yX7HTinXGpiP5lj_uBc0Yw/view?usp=sharing
Round any division to two decimal places before converting to a percent. If required, round your final answer to the nearest dollar.
I have tried answers1600 and 2700 both are wrong
Transcribed Image Text:Problem 7-15
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 2021, 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 2021 through their state exchange but did not elect to have the credit paid in advance. The 2021 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
- Federal Poverty Line for a family of four: $26,200
Compute the Collins' premium tax credit for 2021.
Click here to access the 2021 Applicable Figure Table.
Round any division to two decimal places before converting to a percent. If required, round your final answer to the nearest dollar.
Answer: $2,700
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