Harlow Stevens has an insurance policy that she and her three daughters, ages 5, 9, and 11, are entitled to benefits under. Which provision in her insurance policy is defined by this list of covered members? Multiple Choice - Eligibility - Assigned benefits - Benefit limits - Guaranteed renewable - Exclusions and limitations
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Harlow Stevens has an insurance policy that she and her three daughters, ages 5, 9, and 11, are entitled to benefits under. Which provision in her insurance policy is defined by this list of covered members?
Multiple Choice
- Eligibility
- Assigned benefits
- Benefit limits
- Guaranteed renewable
- Exclusions and limitations
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- Which of the following taxpayers are liable to pay the Medicare levy surcharge? Select one: A. Ian has a taxable income of $20,000, is single without dependants and doesn't have private health insurance B. Susan and Murray have a combined taxable income of $95,000, four children aged two to 10, and hold private health insurance (hospital cover) C. Vlad and Wilma have a combined taxable income of $310,000, two children under 18 and do not hold private health insurance D. Amelia has a taxable income of $65,000, is a sole parent to Charlie (5) and holds private health insurance (hospital cover)Determine the number of dependents in each of the following independent situations: (for example, 1, 2, 3, and so on). Determine whether the individuals will qualify as the taxpayer's dependent in each of the following independent scenarios. Specify whether the dependent would come under the qualifying child category, the qualifying relative category, or "not applicable" (if the individual does not qualify as a dependent). a. Andy maintains a household that includes a cousin (age 12), a niece (age 18), and a son (age 26). All are full-time students. Andy furnishes all of their support, and all are “members of the household.” Cousin Niece Son b. Mandeep provides all of the support of a family friend's son (age 20), who lives with her. She also furnishes most of the support of her stepmother, who does not live with her. Family friend's son Stepmother c. Raul, a U.S. citizen,…Which of the following are covered by FICA (indicate Yes or No)? _____1. Andrian Mitchell, a full-time life insurance salesperson. _____2. John Sain, a federal government employee, hired in 1990. _____3. Bonnie Stone, a real estate agent. _____4. Stuart Schuck, who offers lawn care service to homeowners in the neighborhood.
- Which of the following taxpayers may qualify for the Premium Tax Credit? Each purchased health care coverage through the Healthcare Marketplace, and each received Form 1095-A, Health Insurance Marketplace Statement. None received unemployment income. Alanis. She files single and her tax liability is zero. Caleb. He and his spouse file married filing separately, but live in the same house. Jordan. He files head of household and was eligible for employer-sponsored coverage, but he chose not to enroll in the plan because it would have cost him 5% of his household income. Sydney. She files single and will be claimed as a dependent on her grandmother's return.In which of the following situations will the divorced custodial parent be entitled to the dependency exemption for the child? a, The noncustodial parent provides $1,500 of support for the child and the custodial parent provides $1,200. b, The custodial and noncustodial parent both provide $1,500 of support for the child. c, The custodial parent provides $1,500 of support for the child and the noncustodial parent provides $1,200. d, All of the above.Using the “nonworking” spouse method, what should be the life insurance needs for a family whose youngest child is 5 years old? Insurance Need: ?
- Which of the following, when provided by an employer, is a tax-deferred or tax-free benefit for the employee? a. Premiums for private health care plans providing extended health coverage beyond a public plan b. Financial counselling services not connected to re-employment or retirement c. Group term life insurance policy d. A $200 cash gift for the employee's weddingSandy purchased a life insurance policy on her own life and made her revocable living trust the owner and beneficiary of the policy. Sandy will continue to pay the premiums on the life insurance policy. Sandy has a moderate estate, but is not concerned about owing estate tax at her death. She is married and has two children, who are both named as beneficiaries under her revocable living trust. Which of the following statements correctly identify advantages or disadvantages of Sandy's life insurance transfer? I. Sandy will not owe gift tax on the premium payments she will be making on the life insurance policy because they are not considered to be completed gifts. II. At Sandy's death, the life insurance policy will avoid probate. III. Sandy will owe gift tax for transferring the ownership of the life insurance policy to the revocable living trust. IV. Sandy has made a completed gift of the life insurance policy by placing it in the revocable living trust. A) II and III B)…Which of the following statements concerning Social Security retirement benefits is (are) correct? If an individual receives retirement benefits based on his spouse’s earnings record, his benefits will cease upon his divorce from her, unless he is 62 years of age or older and he was married to that spouse for at least 10 years. Widows and widowers will continue to receive survivors benefits upon remarriage of the widow or widower if 60 years of age or older. a. 1 only. b. 2 only. c. Both 1 and 2. d. Neither 1 nor 2.
- 1. Charlene has self-only coverage in a qualifying high-deductible health insurance plan. She is 47 years old and wishes to contribute the maximum amount to her HSA. How much is she allowed to contribute and deduct in 2019? a. $4,600 b. $1,300 c. $1,000 d. $3,500 e. $3,450 2 Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2019 joint income tax return of $45,000, before considering any IRA deduction. Martha and Rob have no earned income. What is the amount of Martha's maximum deductible IRA contribution? a. $2,700 b. $5,500 c. $0 d. $3,500 e. $11,000 3. Donna, age 42 and a single taxpayer, has a salary of $104,500 and interest income of $20,000. What is the maximum amount Donna can contribute to a Roth IRA? In your computations, carry out any division to two decimal places. a. $5,500 b. $6,000 c. $3,850 d. $5,000 e. Some other amount 4. Marge has a Roth IRA held more than 5 years to which she has contributed…6. In relation to the Income of Minors, which of the following is a prescribed person under ITAA36 Div. 6AA:Select one:a. Lulu who is permanently disabled and aged 16b. Carl who is married and is 17 years oldc. Nine-year-old Lucy whose parents are entitled to a carer allowanced. Ten-year-old Franke whose guardians are entitled to a double orphan pensionWhen determining support for a qualifying child or qualifying relative dependent, which item is included in the potential dependent's total support? A) Funeral expenses. B) Amounts contributed to the prospective dependent's savings account. C) Funds paid for school activities for the taxpayer's child. D) A scholarship received by the taxpayer's child, who is a full-time student.