Question

Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt...

Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did not have minimum essential coverage for 8 months in 2017. Compute Susan’s individual shared responsibility payment for 2017.

Instructions: State the tax law and the computation for Susan.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

A

ffordable care act requires that you and each member of your family should have qualifying health care policy. In case insuarance is not taken then individual shared responsibilty payment has to be made along with the federal tax return.

since susan does not have minimum essential coverage for 8 months she had to pay individual shared responsilibity payment alonh with the federal tax payment she made.

individual shared responsibility is greater of the below.

2.5% of income above exempted limit

or

family flat dollar amount that is $695 per adult.

but this shold not exceed the limit of $2085 per household. since her AGI is $28000 and exempted amount is $9326

than(28000-9326)*2.5/100=466.85 annualy

but she only missed the coverage for 8 months hence proportionate amount is 312.

since the payment is gretar of the ABOVE mentioned limits she has to pay 695 per adult flat rate

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax...
Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax exempt income. She did not have minimum essential coverage for 8 months in 2017. Compute Susan's individual shared responsibility payment for 2017. For 2017, the flat annual dollar amount is $695 per adult and $347.50 per child, limited to an annual maximum of $2,085 per household.
Alice is a single taxpayer with no dependents that has AGI of $11,200 in 2019. Alice...
Alice is a single taxpayer with no dependents that has AGI of $11,200 in 2019. Alice is required to carry minimum essential coverage in 2019 or else pay additional tax (individual shared responsibility). True False
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2017. She...
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2017. She incurred the following expenses and losses during the year: Medical expenses (before the 7.5%-of-AGI limitation) $33,000 State and local income taxes 4,500 State sales tax 1,300 Real estate taxes $4,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss, Federally-Declared Disaster (before 10% limitation but after $100 floor) 34,000 Linda's total itemized deduction is $
Vickie is single and age 43. She reported AGI of $124,000 in tax year 2017. She...
Vickie is single and age 43. She reported AGI of $124,000 in tax year 2017. She is an active participant in her employer’s pension plan. What is the maximum Roth IRA contribution she can make in 2017? a. $0 b. $3,300 c. $2,200
Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. Tax...
Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. Tax Year 2019. Wages = $7,000 Taxable interest income = 425 Itemized deductions = 310 a. Compute Tom's taxable income assuming he is self-supporting. b. Compute Tom's taxable income assuming he is a dependent of his parents. Tax year 2019.
Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. Tax...
Computation of taxable income. The following information relates to Tom, a single taxpayer, age 18. Tax Year 2019. Wages = $7,000 Taxable interest income = 425 Itemized deductions = 310 a. Compute Tom's taxable income assuming he is self-supporting. b. Compute Tom's taxable income assuming he is a dependent of his parents.
Individual Tax Computation. Richard Hartman, age 29, single with no dependents, with a salary of $32,270....
Individual Tax Computation. Richard Hartman, age 29, single with no dependents, with a salary of $32,270. During the year, he received $1,300 interest income from a savings account and a $1,500 gift from his grandmother. At the advice of his father, Richard sold stock he had held as an investment for five years, for a $3,000 gain. He also sustained a loss of $1,000 from the sale of land held as an investment and owned for four months. Richard had...
Robert, age 33, lived and worked in the U.S. all year. He is single and has...
Robert, age 33, lived and worked in the U.S. all year. He is single and has no dependents. Robert is not lawfully present in the U.S. and has an Individual Taxpayer Identification Number (ITIN). Robert had wages of $19,000. He had no other income. He did not have any health insurance for all of 2017. If he gets a refund, Robert would like to split it between two separate bank accounts. 33. What form must be used to split Robert's...
Interview Notes Robert, age 33, lived and worked in the U.S. all year. He is single...
Interview Notes Robert, age 33, lived and worked in the U.S. all year. He is single and has no dependents. Robert is not lawfully present in the U.S. and has an Individual Taxpayer Identification Number (ITIN). Robert had wages of $19,000. He had no other income. He did not have any health insurance for all of 2017. If he gets a refund, Robert would like to split it between two separate bank accounts. 33. What form must be used to...
Frank, age 38, is a single taxpayer and is the sales manager of Standard Co., an...
Frank, age 38, is a single taxpayer and is the sales manager of Standard Co., an auto stereo dealer. Frank's adjusted gross income (AGI) for the year is $67,000. During the year, Frank made the interest payments shown in the following table. Enter the amounts that are reportable interest expense deductions, if any. If none of a particular payment is a reportable interest expense deduction, enter a zero (0) for that expense. Enter the total amount deductible on Schedule A,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT