7-516. James did not have minimum essential coverage for any part of 2018. If James is single and has 2018 adjusted gross income of $41,000, what is his individual shared responsibility payment? a. $0 b. $695 c. $283 d. $725
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7-516. James did not have minimum essential coverage for any part of 2018. If James is single and has 2018 adjusted gross income of $41,000, what is his individual shared responsibility payment?
a. $0
b. $695
c. $283
d. $725
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- LO.2 For calendar year 2019, Jean was a self-employed consultant with no employees. She had 80,000 of net profit from consulting and paid 7,000 in medical insurance premiums on her policy covering 2019. How much of these premiums may Jean deduct as a deduction for AGI? How much may she deduct as an itemized deduction (subject to the AGI floor)?James did not have minimum essential coverage for any part of 2017. If James is single and has 2017 adjusted gross income of $41,000, what is his individual shared responsibility payment? a.$0 b.$695 c.$765 d.$754Caprice is a single 42-year-old with income of $14,000 in 2018. She lacked minimum essential coverage for 7months in 2018. What is her individual shared responsibility payment amount?a. $0b. $405.44c. $695.00d. $50.00e. None of the above
- Caprice is a single 42-year-old with income of $14,000 in 2020. She lacked minimum essential coverage for 7 months in 2020. What is her individual shared responsibility payment amount? a.$50.00 b.$0 c.$405.44 d.$695.00 e.None of these choices are correct.(13) When completing his 2019 Form W-4, Fred Allert indicated he was married with three dependent children and a nonworking spouse. How many withholding allowances could he have claimed on his W-4? a.3 b.6 c.7 d.5 e.None of these choices are correct.Example 6-4 Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2019) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 396.16 Federal tax levy $224.84 Figure 6.32019 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 46.92 63.07 79.22 95.37 111.52 127.67 46.92 plus 16.15 foreach dependent Weekly 234.62 315.39 396.16 476.93 557.70 638.47 234.62 plus 80.77 foreach dependent Biweekly 469.23 630.77 792.31 953.85 1115.39 1276.93 469.23 plus 161.54 foreach dependent Semimonthly 508.33 683.33 858.33 1033.33 1208.33 1383.33 508.33 plus 175 foreach dependent Monthly 1016.67 1366.67 1716.67 2066.67 2416.67 2766.67 1016.67 plus 350 foreach dependent Source: Internal Revenue Service. Carson Holiday has a…
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- For tax year 2023Cindy has work-related dependent care expenses of $3,200 for the care of one qualifying person, and work-related dependent care expenses of $3,800 for another qualifying person. What amount of these work-related expenses may Cindy use when figuring the Child and Dependent Care Credit? A) $2,800 B) $3.000 C) $7,000 D) $6,000In 2020 Morgan is unmarried and has no dependents. She has self-employment income of $80,000 and $5,000 in dividend income. Her tax return also shows: $1,700 for self-employed health insurance premiums $11,304 for self-employment taxes $7,500 in medical expenses not related to her self employment $9,000 in charitable contributions of property not related to her self employment Based on this information, what is her adjusted gross income? Select one: a. $79,348 b. $71,996 c. $55,496 d. $77,648Claudia (35 years) has a taxable income of $24 000 and is unmarried. What is Claudia’s Medicare levy liability for the year ending 30 June 2020? a. $701.25 b. $360 c. $160.20 d. $480
