Elisa is covered by a $200,000 group term life insurance policy of which her daughter is the sole beneficiary.  Elisa's employer pays the entire premium for the policy, for which the uniform annual premium is $0.75 per $1,000 per month of coverage.  How much, if any, of the cost of the group term life insurance is excluded from Elisa's gross income on an annual basis?  $0 $450 $1,350 $1,800

Q: 3. What percentage of Mary’s income does she spend on health insurance

A: Here we have, Mary`s bi monthly income = $468Mary`s bi monthly health insurance =$26.54

Q: Nikul

A: The objective of the question is to calculate the maximum RRSP (Registered Retirement Savings Plan)…

Q: Juan, who is single, is a self-employed carpenter as well as an e His self-employment net income is…

A: Self Employment Tax The federal government collects taxes from self-employed workers and small…

Q: In 2021, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax…

A: Medical expenses are the costs to treat or prevent an injury or disease, such as health insurance…

Q: BJ has a vested account balance in his employer-sponsored qualified money purchase pension plan of…

A: Answer:-Money purchase plan meaning:- An employee retirement benefit plan that mimics a company…

Q: Mr. Gilbert is self-employe

A: The IRA deduction is only available if either spouse participates in the scheme and income…

Q: Mary is 66 years old and receives full old-age benefits from Social Security-in her case, $1,200 per…

A: When a Social Security recipient dies, their surviving spouse may be eligible for survivor benefits.…

Q: Karen, 28 years old and a single taxpayer, has a salary of $35,000 and rental income of $33,000 for…

A: Solution  Rental income  refer the income received from rent from the building or house is taxed…

Q: Jean and Dan both work. Each earns a salary of $46,000, but only Jean is a member of a registered…

A: A retirement savings plan, or RRSP, is one that you create, which we then register, and to which…

Q: Claudia (35 years) has a taxable income of $24 000 and is unmarried. What is Claudia’s Medicare levy…

A: A liability is an obligation between two parties which is not completed yet.

Q: LO.2 Emma Doyle is employed as a corporate attorney. For calendar year 2020, she had AGI of $75,000…

A: Tax deductions as comparable to tax incentives reduce the initial tax liability by decreasing the…

Q: Ava and her husband, Leo, file a joint return and are in the 24% Federal income tax bracket. Ava’s…

A: Federal Income Tax - The U.S. government's main source of money is the federal income tax. The…

Q: Tim and Martha paid $8,900 in qualified employment-related expenses for their three young children…

A: Child and dependent credit -The child and dependent care credit is available to taxpayers who pay…

Q: Sid and Nancy’s divorce decree requires Nancy to pay Sid $2,000 per month in child support and…

A: The objective of the question is to determine the amount of money that Sid needs to report as…

Q: working on his bachelor's degree in engineering. His employer reimbursed his $ 4,050 tuition under a…

A: Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: If Julia, age 65 and self employed paid 380.00 per month for health ins, how much can she deduct if…

A: Part B Medicare is available for US citizens who are at least 65 years old or a lawful non-US…

Q: amilton who works in 0.00. His employer pays the insurer 100% of the cost of his life insurance…

A: Life Insurance Coverage Life insurance is a contract between an insurer and a policyholder. The…

Q: A taxpayer is the sole beneficiary of two life insurance policies: Amount Description Policy on aunt…

A: A financial instrument known as insurance offers security against monetary loss or danger. It is an…

Q: Margo has an individual medical expense policy with a $1,000 deductible. She is required to pay 20…

A: Mediclaim is insurance in which the insured company pay certain amount of medical expenses but there…

Q: Marie’s father died on July 17, 2022 leaving her the sole beneficiary of his life insurance policy.…

A: The objective of the question is to determine the taxable income that Marie should report for the…

Q: If Marissa's yearly salary was $65,900 and she received taxable benefits in the amount of $1127.99…

A: T4 slip is the slip to be filled by the income tax payer in Country C by following the rules…

Q: Robert Provider purchases a joint and survivor annuity providing for payments of $200 per month for…

A: Joint and Survivor annuity :              An insurance service product for couples, where the…

Q: Meredith is an Army veteran who was medically discharged after she sustained a serious injury in a…

A: The objective of the question is to determine which part of Meredith's income is taxable. This…

Q: Darlene, age 35, and Devin, age 36, are martied. Darlene earns $48,000, and Devin earns $41,000.…

A: Correct option is C i.e contribution $12,000 & deduction $6000

Q: Belinda, a 55 year old single woman with no dependents, has a $75,000 gröup term life insurance…

A: Answer:-  Term life insurance definition:- A term insurance policy is one of the most basic and…

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: Alice, age 50, is provided “free” group term life insurance coverage equal to four times her annual…

A: Alice's annual salary: $200,000 Group term life insurance coverage: $200,000 x 4 = $800,000 Under…

Q: Mandy was a participant in her employer's contributory qualified pension plan. Her contributions…

A: Introduction: Taxable income: Income tax is levied on taxable income.

Q: Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year.…

A: The child and dependent care credit is available to taxpayers who pay for childcare expenses out of…

Q: On January 1, 2020, Michelle, age 35, started a new job, and her new employer offers a healthcare…

A: Employers are allowing employees to make regular contribution to some of the accounts. These are…

Q: Wendy (single) paid after-tax premiums for a long-term disability plan through her employer. After…

A: The objective of the question is to calculate Wendy's taxable income for the year 2023. Wendy's only…

Q: Smithers is a self-employed individual who earns $27,000 per year in self-employment income.…

A: Answer:- a. If Smithers is single and the self-employment income is his only source of income, the…

Q: In 2022, when the Social Security wage base limitation was $147,000, Jacee received a $100,000…

A: FICA tax are applicable to the self employed in this there is no employer and employee than both are…

Q: Alex earns an income of $60,000 this year as a sole proprietor. He pays the following amounts during…

A: Calculation of  Alex’s Adjusted Gross Income (AGI) :    Alex’s income…

Q: Alexa owns à condominium near Coc

A: Gross pay is employees' earnings before making any deductions like taxes, benefits and other payroll…

Q: Reggie is 55, had a AGI of 31200 in 2021. During the year, he paid the following medical expenses…

A: To determine Reggie's medical expense deduction, we need to follow the IRS rules for medical expense…

Q: in 2018, Nancy a single taxpayer with an AGI of 202,000 claims five dependent children all under age…

A: We have to find the child credit allowed to a single taxpayer given her AGI and number of dependent…

Q: 6. Adrianna wants to provide retirement income for her dependent parents for 23 years should she…

A: Income required by her parents= Total Income earned * % share= 67500 * 70%= 47250

Q: Jacob is a member of his employers defined contribution pension plan. He has pensionable earnings of…

A: As per Bartleby guidelines, only one question can be solved at a time. Please reupload other…

Q: Mark and carried married and they will file a joint breturn the both work full-time  and their total…

A: Aubrey is a qualifying child as his age is below 13 years. It is not possible parents to take care…

Q: Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert's employer…

A: To compute the Adjusted Gross Income (AGI) after deducting contributions to traditional IRAs for the…

Q: LO.2 Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he…

A: The gross income is the total income. The deduction is made from the gross income for the insurance.…

Q: 39. Annie is covered by a $200,000 group-term life insurance policy of which he beneficiary. Annie's…

A: Life-Insurance Premium -The sum of money that a person or organisation pays the insurance provider…

Q: Kevin is a 48-year-old nurse who earns an annual salary of $95,000. His employer provides group-term…

A: In the question it is given that group term life insurance for all employees would be twice the…

Q: Melvin. a self-employed dentist, paid $4,476 for his health insurance premiums throughout the year,…

A: In the United States, self-employed individuals can generally deduct the cost of their health…