Interview Notes • Rose Jones, age 57, is single. Rose earned wages of $52,000 and was enrolled the entire year in a high deductible health plan (HDHP) with self-only coverage. During the year, Rose contributed $2,000 to her Health Savings Account (HSA) and her mother also contributed $1,000 to Rose's HSA. Rose's Form W-2 shows $850 in Box 12 with code W. She has Form 5498-SA showing $3,850 in Box 2. Rose took a distribution from her HSA to pay her unreimbursed expenses: o 8 visits to a physical therapist after her knee surgery $400 o unreimbursed doctor bills for $1,100 o prescription medicine $280 o replacement of a crown $1,500 o deep cleaning for teeth: $300 o over the counter medication $40 o gym membership $240. Rose is a U.S. citizen with a valid Social Security number. 7. Rose is eligible to contribute an additional $2,000 to her HSA because she is age 55 or older. a. True b. False submitted

Interview Notes • Rose Jones, age 57, is single. Rose earned wages of $52,000 and was enrolled the entire year in a high deductible health plan (HDHP) with self-only coverage. During the year, Rose contributed $2,000 to her Health Savings Account (HSA) and her mother also contributed $1,000 to Rose's HSA. Rose's Form W-2 shows $850 in Box 12 with code W. She has Form 5498-SA showing $3,850 in Box 2. Rose took a distribution from her HSA to pay her unreimbursed expenses: o 8 visits to a physical therapist after her knee surgery $400 o unreimbursed doctor bills for $1,100 o prescription medicine $280 o replacement of a crown $1,500 o deep cleaning for teeth: $300 o over the counter medication $40 o gym membership $240. Rose is a U.S. citizen with a valid Social Security number. 7. Rose is eligible to contribute an additional $2,000 to her HSA because she is age 55 or older. a. True b. False submitted

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Selma, an age 60 recipient of a Social Security Widow's benefit, earns $16,720 from her part-time job as a clerk in 2016. By how much will her Widow's benefit be reduced when the earnings limit is $15,720? 1. $0 2. $500 3. 4,000 4. $15720
Information provided for Alexis • Alexis has been certified as impaired by a medical doctor and requires indefinite care from Johnny and Moira She received $5,000 from social assistance • She has a part time job and made $6,000. El of $95, CPP of $270, enhanced CPP of $30 and federal income taxes of $900 were deducted from her pay • • She took a couple courses at Brock University on a part time basis and Moira and Johnny paid the tuition fees which totalled $2,000 • She incurred $7,500 in medical expenses for physiotherapy and registered massage therapy REQUIRED: Calculate Alexis's federal and provincial income tax owing
Wanda gets her health insurance covered in an employee benefits package. Her employer pays 45% of her annual premium for basic health insurance, and 35% for dental and vision insurance. Iif the health insurance premium is $11.540, and the vision and dental are together $1.230 annually. What is the total amount Wanda pays for insurance each year? Select one O a $8,362 Ob. 57,146.50 c. $8.300,50 d. $7,200
3. Johnathan was provided a private health care plan for his family. The employer paid $3000 of premiums for this plan. He also earned a cash bonus of $800 for being the hardest working employee during the year. Additionally, he received a large painting as a Christmas present from his employer, which has a value of $1250. Answer the question: Private health care plan is ??
Tax Drill-Credit for Child and Dependent Care Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $28,000 and incurred $9,100 of child care expenses. Click here to access the percentage chart to us for this problem. Ivanna and Sergio's credit for child and dependent care expenses is s 4
Carrie, age 55, is an employee of Rocket, Inc. (Rocket). Rocket sponsors a SEP IRA and would like to contribute the maximum amount to Carrie’s account for the plan year. If Carrie earns $14,000 per year from Rocket, what is the maximum contribution Rocket can make on her behalf to the SEP IRA? a. $3,500. b. $14,000. c. $19,500. d. $57,000.
Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,200. How much Social Security and Medicare must he pay (in $) this year?
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard's net pay for the week if he earns $1,450? (Use Table 9.1 and Table 9.2). (Round your answer to the nearest cent.) Net pay es .....*.. on
Required information [The following information applies to the questions displayed below.] 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 a. Julie paid $2,500 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 1.040 b. Julle paid $6,250 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 2,600 X c. Julle paid $6,500 to the day care center and her AGI IS $125,300 (all salary). Child and dependent care credit d. Julie paid $4,500 to the day care center and her AGI is $400,300 (all salary). Child and dependent care credit e. Julle paid $6,500 to the day care center and her AGI is $14,000 ($4,500 salary and $9,500 unearned Income). Child and dependent care credit
1.
Marie Lincoln is a head of household. She is 37 years old and her address is 4110 N.E. 13th Street, Miami, FL 33127. Additional information about Ms. Lincoln is as follows: Social security number: 412-34-5670 Date of birth: 1/14/1983 W-2 for Marie shows these amounts: Wages (box 1) Federal W/H (box 2) Social security wages (box 3) Social security W/H (box 4) Medicare wages (box 5) Medicare W/H (box 6) Form 1099-INT for Marie shows this amount: Box 1-$500.00 from A & D Bank, $ 43,600.00 $2,488.00 S 43.600.00 $2,703.20 $ 43,600.00 $ 632.20 Dependent: Son Steven is 10 years old. His date of birth is 5/11/2010. His social security number is 412-34-5672. Marie is an administrative assistant. Required: Prepare Form 1040 plus all the appropriate Schedules and worksheets for Ms. Lincoin for 2020 She is entitled to a $2.000 child tax credit. For now, enter the credit on the appropriate line of the form. She wants to contribute to the presidential election campaign Ms Lincoln had qualifying…
Theresa Morgan of Boone, IA, age 55, recently suffered a stroke. Her total bill for this care was $125,500. After leaving the hospital, she spent 25 days in a nursing home that cost $170 per day. Theresa, who earns $4,500 per month, missed two months of work. Theresa had a health insurance plan through her employer. The policy had a $1,000 deductible and an 80/20 coinsurance clause with a $2,000 coinsurance cap. She had also accumulated 21 sick days (equivalent to one month) at work. Otherwise she had no long-term care or disability insurance. She was out of work for a total of 42 days. How much of Theresa's direct medical expenses was paid by her insurance policy? C How much income did Theresa lose?