n applicant MUST meet which of the following requirements before applying for a resident insurance producer license? Be at least twenty-one years old Receive a high school diploma Obtain the United States citizenship Complete a pre-licensing course of study
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n applicant MUST meet which of the following requirements before applying for a resident insurance producer license?
- Be at least twenty-one years old
- Receive a high school diploma
- Obtain the United States citizenship
- Complete a pre-licensing course of study
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- Which of the following qualifications is NOT a prerequisite for becoming a licensed agent? a. being at least eighteen years of age b. being competent and trustworthy c. passing any required examination d. having a high school diplomao D. provinc 1. Social Insurance Numbers beginning with a "9" o A. are issued to permanent residents but not Canadian citizens. B. has an expiry date which is the date of his/her quit or layoff. C. supposed to pay all statutory deductions. o D. all of the above d oncies who share an interest in the functionThe life Insurance Solicitation regulation requires an insurer to provide which of the following items to an applicant upon request? An Outline of Coverage An insurance consumer handbook A Buyer's Guide A copy of the Illinois insurance regulations
- Choose the response that accurately completes the following sentence. A taxpayer claiming the Premium Tax Credit: May be claimed as a dependent on another person's return, as long as they are under age 27. May have employer-sponsored health care coverage. Must have purchased private coverage through a plan outside the Marketplace. Must be lawfully present in the United States.In the case of the adoption of a child who is not a US citizen or resident of the United States, the credit for qualified adoption expenses is available: Oa. In the last year expenses are paid. Ob. Each year expenses are paid. Oc. In the year the adoption becomes final. Od. In the first year the expenses are paid.To be eligible for American Opportunity Credit, the student must meet all the following, except Select one Oa Be pursuing a degree or other recognized education credential b. Be enrolled at least half time for at least one academic period beginning in the tax year OC Does not have a felony drug conviction at the end of the tax year Od Did not claim the AOTC or the former Hope credit on any previous tax return
- the qualified tuition program now includes ________ as qualified education expensesQ.Which of the following statement(s) regarding employer health insurance is (are) TRUE? (check all that apply) A. The (Affordable Care ACt) ACA does not force employers to offer health insurance to their employees. B. An employer with 100 employees is subject to a tax penalty if it offers health insurance, but at least one employee buys a policy from an Exchange and receives a tax credit. C. An employer with 75 employees is eligible to a tax credit if it pays at least 50% of the premiums D. An employer with 25 employees will not be subject to tax penalties if it does not offer health insurance to its employees. E.EAn employer with 20 employees is eligible for a partial tax credit if it offers health insurance to its employees (subject to a maximum for the average annual wages).1) Review the following situations and determine the employee's net pay by figuring out what earnings & benefits are subject to Income Tax, Canada/ Quebec Pension Plan, Quebec Parental Insurance Plan (if applicable) and Employment insurance. Make sure to reduce net and taxable income by any applicable voluntary/non statutory deductions as well. All rates should be based on 2022. a) Lawrence works in Alberta and is paid on a bi-weekly basis. He has a claim code of 1 on both his TD1 and TD1AB. He has the following type of earnings, benefits & deductions. He will not max out on CPP or El this pay and will have full deductions. 1) Regular $2,500 ii) Vacation Pay $500 iii) Group Life-Employer paid Taxable benefit $25 iv) RRSP contribution-Employee deduction $300 v) Coffee Fund $5
- 18. Adoption Credit. (Obj. 2) In 2019, a married couple paid $6,000 in qualified adoption expenses to adopt a child that is a U.S. citizen. In 2020, they paid an additional $4,200 in qualified adoption expenses. The adoption was finalized in 2020. a. Compute the couples' adoption credit if their modified AGI in both years is $115,000. In what year(s) is the credit taken? b. How would your answer to Part a. change if the couples' modified AGI was $224,800 in both years? c. How would your answer to Part a. change if the couple adopted a child with special needs? d. How would your answer to Part a. change if the adoption fell through?Under what circumstances, if any, can a married person file as a head of household? A. A married person, if otherwise qualified, can claim head of household status only in the first year that he or she can be classified as a surviving spouse. The taxpayer must maintain a household for at least nine months of the year. OB. A married person, if otherwise qualified, can claim head of household status if he or she is married to a nonresident alien or if he or she qualifies as an abandoned spouse. To be an abandoned spouse, the person must have lived apart from his or spouse for the last six months of the year and maintain a household for a qualifying child in which they both live. OC. A married person, cannot claim head of household status, this status is only for single taxpayer that maintain a household for a qualifying child in which they both live. O D. A married person, if otherwise qualified, can claim head of household status only if he or she qualifies as an abandoned spouse. To be…Melinda received sick pay from an employer-paid insurance policy in 2020. The sick pay will be Select one: O a. Nontaxable income O b. Deductible on Schedule A O C. Taxable income O d. An adjustment to income on Form 1040
