FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019, Susan’s income is $41,214 and Stan’s is $12,000 and both are self-employed. They also have $500 in interest income from tax-exempt bonds. The Collins enrolled in health insurance for all of 2019 through their state exchange but did not elect to have the credit paid in advance. The 2019 Form 1095-A that the Collins received from the exchange lists the following information:Annual premiums $9,800Annual premium for the designated silver plan in the state $10,800 Compute the Collins’ premium tax credit for 2019.arrow_forwardSherina Smith (Social Security number 785-23-9873) lives at 536 West Lapham Street, Milwaukee, WI 53204, and is self-employed for 2020. She estimates her required annual estimated income tax payment for 2020 to be $8,468. She was required to pay $254 when she timely filed her prior year tax return. Complete the first quarter voucher below for Sherina for 2020. Form1040-ESDepartment of the TreasuryInternal Revenue Service 2020 Estimated Tax Payment Voucher 1 OMB No. 1545-0074 File only if you are making a payment of estimated tax by check or money order. Mail this voucher with your check or money order payable to “United States Treasury.” Write your social security number and “2020 Form 1040-ES” on your check or money order. Do not send cash. Enclose, but do not staple or attach, your payment with this voucher. Calendar year—Due April 15, 2020 Amount of estimated tax you are paying by check or money order. Dollars Cents fill in the blank 1arrow_forwardHeidi will earn $80,965 in wages this year. • She contributed $2,000 to an IRA. • She received a gift from her parents to put a down payment on a new car totaling $5,000. • Heidi takes the larger of her itemized deductions or the standard deduction. • She donated $1,000 to a qualified charity. 2019 Taxable Income Gross income Less: Adjustments to income Adjusted gross income Less: Deductions Taxable incomearrow_forward
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