Valentino is a patient in a nursing home for 51 days of 2021. While in the nursing home, he incurs total costs of $24,480. Medicare pays $14,688 of the costs. Valentino receives $26,928 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 $400. Of the $26,928, what amount may Valentino exclude from his gross income?
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- Tia is married and is employed by Carrera Auto Parts. In 2019, Carrera established high-deductible health insurance for all its employees. The plan has a 2,700 deductible for married taxpayers. Carrera also contributes 5 percent of each employees salary to a Health Savings Account. Tias salary is 30,000 in 2019 and 32,000 in 2020. Tia makes the maximum allowable contribution to her HSA in 2019 and 2020. She received 600 from the HSA for her 2019 medical expenses. In 2020, she spends 1,400 on medical expenses from her HSA. The MSA earns 28 in 2019 and 46 in 2020. a. What is the effect of the HSA transactions on Tias adjusted gross income? b. How much does Tia have in her HSA account at the end of 2020?Valentino is a patient in a nursing home for 45 days of 2021. 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 $400. Of the $15,000, what amount may Valentino exclude from his gross income?$fill in the blank 1Belinda spent the last 60 days of 2021 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Beliinda also received $7,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $400. If the amount is zero, enter 0. What is the effect on Belinda's gross income? Her available exclusion is $ therefore, the amount included in her gross income is S
- Edna spent the last 80 days of 2021 in a nursing home. The cost of the services provided to her was $24,000 ($300 per day). Medicare paid $14,000 toward the cost of her stay. Edna also received $14,000 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $400. If the amount is zero, enter 0. What is the effect on Edna's gross income? The amount of her exclusion is $ and the amount included in her gross income is $Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Belinda also received $5,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $370. What is the effect on Belinda’s gross income?Ashley has an individual medical expense insurance policy with a $1,000 calendar year deductible and a 20% coinsurance clause. Ashley had outpatient surgery to remove a bunion on her foot and incurred medical bills of $10,000. How much will Ashley's insurer pay?
- Matilda works for a company with 1,000 employees. The company has a hospitalization insurance plan that covers all employees. However, the employee must pay the first $3,000 of their medical expenses each year. Each year, the employer contributes $1,500 to each employee's health savings account (HSA). Matilda's employer made the contributions in 2020 and 2021, and the account earned $100 interest in 2021. At the end of 2021, Matilda withdrew $3,100 from the account to pay the deductible portion of her medical expenses for the year and other medical expenses not covered by the hospitalization insurance policy. As a result, Matilda must include in her 2021 gross income: a.$1,600. b.$3,100. c.$100. d.$0.Billy, age 26, is an officer of Blue Company, which provides him with the . following nondiscriminatory fringe benefits in 2022: ⚫ Hospitalization insurance premiums for Billy and his dependents. The cost of the coverage for Billy is $3,325 per year, and the additional cost for his dependents is $4,825 per year. The plan has a $3,000 deductible, but his employer contributed $1,500 to Billy's Health Savings Account (HSA). Billy withdrew only $650 from the HSA, and the account earned $55 of interest during the year. Insurance premiums of $1,050 for salary continuation payments. Under the plan, Billy will receive his regular salary in the event he is unable to work due to illness. Billy collected $6,500 on the policy to replace lost wages while he was ill during the year. Billy is a part-time student working on his bachelor's degree in engineering. His employer reimbursed his $ 4,050 tuition under a plan available to all full-time employees. For each of the following items, enter the…Max, age 28, is insured under an individual medical expense policy that is part of a preferred provider organization (PPO) network. The policy has a calendar- year deductible of $1,000, 75/25 percent coinsurance, and an annual out-of-pocket limit of $2,000. Max recently had outpatient arthroscopic surgery on his knee, which he injured in a skiing accident. The surgery was performed in an outpatient surgical center. Max incurred the following medical expenses. (Assume that the charges shown are the charges approved by Max s insurer and that all providers are in the PPO network.) Outpatient X-rays and diagnostic tests................................................ $800 Covered charges in the surgical center ................................................ $12,000 Surgeon s fee.............................................................................. $3,000 Outpatient prescription drugs............................................................ $400 Physical…