John and Kim are married, however, they did not have health insurance for any of 2016. Their household income was $50,000. What is the penalty they will have to pay – flat fee or percentage - what is the dollar amount? a.) $1390 b.) S732.50 c.) S1588 d.) $1250

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A: Given:  Zach, is a single individual with no dependents. No claim on another return as a dependent.

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A: Medical expense deduction can be claimed for only those expenses which have been paid. Whether the…

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A: Introduction: Business Gifts deduction: Deduction for gifts is allowed only for business purpose.…

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A:

Q: In 2020, David, age 66, had adjusted gross income of $32,000. During the year he paid the following…

A: Medical expense deduction: It includes all the allowable medical expenses that are allowed to be…

Q: In 2015, Fred and Elizabeth, who are married and filing jointly, received $29,000 in social security…

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Q: Christine and Doug are married. In 2018, Christine earns a salary of $250,000 and Doug earns a…

A: Medicare Tax: It is a tax imposed by the Federal Insurance Contributions Act on both employers and…

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A:

Q: If answered within 30mins,it would be appreciable!! Nancy, a single taxpayer paid $18,000 in…

A: Medical reimbursement is the claim for the medical expenses incurred by the individual. This amount…

Q: On January 1, 2009, Landon owed $7,926 to his friend Wendy, who was kind enough not to charge Landon…

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Q: On March 1, 2012, Steve and Sherri Mossop sign a separation agreement that calls for Sherri to pay…

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Q: Taxpayer's filing status is Single. Her Adjusted Gross Income is $155,000 and she paid the following…

A: Taxable income: Taxable income can be defined as the income arrived after making various qualified…

Q: Greg, 66,  lives in New York, is a widower (his wife died in 2016), and has one child.  His child,…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: a. Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $700 a month until…

A: a).  1). Joan may deduct the reduced amount of $450 from each payment the balance $250 of each…

Q: Laura and Leon were granted a divorce in 2008. In accordance with the decree, Leon made the…

A: Taxation-Taxation means imposing a tax on individuals and different types of organizations. Which…

Q: Kathy is a single taxpayer. She had the following unreimbursed medical expenses for 2020:   $5,000…

A: Taxpayer is a person who pays the tax.Tax is beneficial for development of a country.

Q: Tessa, a self-employed dentist, has the following taxable income and allowable outgoings for 2020:…

A: The Universal social charge (USC) is a tax charged on the income which replaced income and health…

Q: Answer the following questions:   If your answer is zero, enter "0".   a.  Under a 2017 divorce…

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Q: A is now seeking to enforce the payment of rent by B and is claiming $40,000 in outstanding rent for…

A: B pays a rent of 5000 but entered into the agreement of $10,000 rent to claim deduction.

Q: Belinda spent the last 60 days of 2021 in a nursing home. The cost of the services provided to her…

A: Calculation of available exclusion: Available Exclusion = Daily limit - Cost of stay = $24,000 -…

Q: James did not have minimum essential coverage for any part of 2017. If James is single and has 2017…

A: Formula to calculate individual responsibility payment for the year 2018, is the greater amount…

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A: a. Compute the amount of social security tax.

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A: Business mileage deduction=9,000×$0.575 per mile=$5,175 Thus, the business mileage deduction is…

Q: d. On September 30, 2018, Ridge loaned $150,000 to his mother so that she could enter a nursing…

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A: A personal exemption is an amount for which one could deduct as tax exemption against the personal…

Q: a.$1,350 will be refunded with their return. b.$900 will be refunded wit

A: 1. c. $1,350 will be due with their return in addition to amounts withheld.

Q: Patrick was injured in a vehicular accident in 2018. He incurred and paid medical expenses of…

A: The correct answer is explained as follows:

Q: John and Joan pay $16,500 of qualified adoption expenses in 2018 to finalize the adoption of a…

A: Qualified adoption expenses: - Adoption fees- Court and attorney fees- Travelling expenses- Other…

Q: Caprice is a single 42-year-old with income of $14,000 in 2020. She lacked minimum essential…

A: From 01 January 2019, the amount of shared responsibility payment is reduced to zero for Individual

Q: Mary owns a home with a with a replacement value of $331,195. She purchased home insurance in the…

A: According to the "80% rule of home insurance", the replacement value of the house should be insured…

Q: Baron, age 35, is a single parent with two dependent child. He recently purchased a house for…

A: Payment protection plans seem to be an optional service offered by select lenders as well as credit…

Q: Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her…

A: Tax refers to the amount charged by the government on the income earned by the companies and…

Q: Jody is a physician's assistant (not covered by a retirement plan) with a salary of $40,000 from the…

A: Solution Your traditional IRA contribution may be tax deductible . The deduction may be limited if…

Q: Caprice is a single 42-year-old with income of $14,000 in 2018. She lacked minimum essential…

A: The law states that the government, citizens and employees share the responsibility for keeping…

Q: Tyler, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five…

A: Cost of meals and beverages incurred for business  purposes will be deductible 100% for expense paid…

Q: Reggie, who is 55, had AGI of $36,400 in 2020. During the year, he paid the following medical…

A: Adjusted gross income (AGI) refers to the amount which is taken into consideration by IRS to…

Q: Edna spent the last 80 days of 2021 in a nursing home. The cost of the services provided to her was…

A: The calculation of daily statutory cost has been made as follows: Daily statutory cost=Number of…

Q: Richard Cook, born 4/1/1982, was a widower in 2017 and has not remarried. He has a 5 year old…

A: Child and Depended Tax credit Eligibility of Child and Depend Tax credit $2000 for each qualified…

Q: Charlotte was injured in a vehicular accident in 2022.  He incurred and paid medical expenses of…

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Q: a. Gina, their daughter, age 22, a full-time student, who married on December 21, 2018, has no…

A: A tax deduction is declared by the taxable assessee for which the tax is being determined and he…

Q: Mabel is 45 and earned $30,000 in 2018.  If she contributed $6,000 to her traditional IRA, what…

A: Mabel is 45 and earned $30,000 in 2018.  If she contributed $6,000 to her traditional IRA, what…

Q: A rented his apartment to B for $5,000 per month in January 2015. However, they both agreed to…

A: A has the legal right to sue B for the unpaid rent. The amount that A can collect, on the other…

Q: Roger is required under a 2014 divorce decree to pay $500 of alimony and $200 of child support per…

A: As per IRS, Child Support Payments are not eligible to claim as deduction by payer nor is taxable to…

Q: Wayne, age 53, and Janet, age 51, are married and file a joint return. Wayne is covered by an…

A: Answer :-The amount refer to the deductible contribution that should be made for Janet to her…

Q: Ann is single and works full-time. In 2020, Ann paid child care expenses of $6,000 for someone to…

A:

Q: John Jay, 45, is married and supports his mother, age 67. During 2019, he paid $1,300 for…

A: In order to reduce the tax payable , the tax payer claims an itemized deduction which is an…

Q: 13.Samir is single and 55 years of age, and has gross income of $58,000 in 2019. His expenses are as…

A: Answer:-  Adjusted gross income (AGI) meaning:- Adjusted gross income (AGI) is basically calculated…

Q: Gene, age 34, and Beth, age 32, have been married for nine years. Gene, who is a college student,…

A: Concept used : The maximum amount to contribute to an IRA in 2020 is $6,000 and if the earned income…

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.