he Baulding family has a basic health insurance plan that pays 80 percent of out-of-hospital expenses after a deductible of $250 per person. If three family members have doctor and prescription rug expenses of $425, $1,444, and $195, respectively, how much will the Baulding family and the insurance company each pay? How could they benefit from a flexible spending account stablished through Mr. Baulding's employer? What are the advantages and disadvantages of establishing such an account?
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- The Baulding family has a basic health insurance plan that pays 80 percent of out-of-hospital expenses after a deductible of $ 250$250 per person. If three family members have doctor and prescription drug expenses of $ 684$684, $ 1 comma 496$1,496, and $ 188$188, respectively, how much will the Baulding family and the insurance company each pay? How could they benefit from a flexible spending account established through Mr. Baulding's employer? What are the advantages and disadvantages of establishing such an account? Question content area bottom Part 1 The Baulding family will payThe Baulding family has a basic health insurance plan that pays 80 percent of out-of-hospital expenses after a deductible of $250 per person. If three family members have doctor and prescription drug expenses of $984, $1,507, and $213 respectively, how much will the Baulding family and the insurance company each pay? How could they benefit from a flexible spending account established through Mr. Baulding's employer? What are the advantages and disadvantages of establishing such an account? The Baulding family will pay? The insurance company will pay? How could they benefit from a flexible spending account established through Mr. Baulding's employer? What are the advantages and disadvantages of establishing such an account?The Tucker family has health insurance coverage that pays 65 percent of out-of-hospital expenses after a deductible of $1,360 per person. If one family member has doctor and prescription medication expenses of $4,000, what amount would the insurance company pay?
- The tucker family has health insurance coverage that pays 80 percent of out of hospital expenses after a 500 deductible per person. If one family member has doctor and prescription medication expenses of 1,100 what amount would the insurance pay?Tim and Martha paid $9,100 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,900 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $57,100 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Required: What amount of child and dependent care credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $38,900 that was earned entirely by Martha?Julie paid $3,300 to the day care center and her AGI is $401,200. What amount of child and dependent care credit can Julie claim in 2021?
- Tim and Martha paid $8,100 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $2,900 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $56,600 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Required: a. What amount of child and dependent care credit can they claim on their Form 1040? b. How would your answer differ (if at all) if the couple had AGI of $36,900 that was earned entirely by Martha? a. Child and dependent care tax credit b. Child and dependent care tax credit AmountsRachel receives employer provided health insurance. The employer's cost of the health insurance is $6,200 annually. What is her employee's after-tax cost of providing the health insurance, assuming that the employer's marginal tax rate is 21 percent and is profitable?explain how you would position the applicable and needed insurance solutions to fit both the clients budget and needs for the following instances: Winston and Neisha have been married for almost 40 years. Neisha is 60 and Winston is 63. Neisha works in HR with her present company and has $300,000 in retirement savings. Winston works for the state government which provides him a pension of $1,500 per month (100% transferrable to Neisha) and $200,000 in a 457b plan. They have no debt and full health care benefits through Winston. They will have $2,500 per month combined Social Security income, no debt, and monthly expenses of $5,000. They plan to retire when Winston is 65 years old. Austin and Jenifer are both 35 years old with two (2) children ages 7 & 9. Austin works as an IT Manager with a medium-size firm and his salary is $120,000 annually. Jenifer stays at home with their children and works part-time earning approximately $10,000 to $15,000 a year. They had no other debt…
- Emily is covered by her company's health insurance plan. The health insurance costs her company $19,500 a year. During the year, Emily is diagnosed with a serious illness and health insurance pays $80,000 for surgery and treatment. How much of the insurance and treatment payments are taxable to Emily? Answer:Luis Barillas and his wife, Dora, have been married for two years and have a 1-year-old son. They live in Charlotte, North Carolina, where Luis works for Advanced Marketing Analytics. He earns $ 3,200 per month, of which he takes home $ 2,300. Luis and his family are entitled to receive the benefits provided by the company's group health insurance policy. In addition to major medical coverage, the policy provides a monthly disability income benefit amounting to 20 percent of the employee's average monthly take-home pay for the most recent 12 months prior to incurring the disability. ( Note: Luis' average monthly take-home pay for the most recent year is equal to his current monthly take-home pay.) In case of complete disability, Luis would also be eligible for Social Security payments of $ 600 per month. Dora is also employed. She earns $ 600 per month after taxes by working part-time at a nearby grocery store. As a part-time employee, the store gives her no benefits. Should Luis…Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $31,900. How much Social Security and Medicare must he pay this year? (a) Social Security- (b) Medicare-