Which one of the following statements about the premium tax credit is FALSE?Select the correct answer.O A. Consumers who are eligible for and receive advance payments of the premium tax credit don't have to file federal income taxes at the end of the coverage year.O B.Consumers may choose to purchase a qualified health plan through a Marketplace without advance payments of the premium tax credit and then wait to apply for the premiumtax credit when they file their federal income tax returns.O C. Consumers should be made aware of price differences between qualified health plans and how their eligibility for advance payments of the premium tax credit will help lowertheir monthly premium costs.OD. If consumers who are eligible for a premium tax credit choose to take some or all of it in advance, the advance payment will be sent directly to the health insurance companythat operates their chosen qualified health plan.

The premium tax credit is a key component of the Affordable Care Act (ACA) aimed at making health…

Answered: Which one of the following statements…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statements regarding a Coverdell Education Savings Account (CESA) is incorrect? Multiple Choice In order to be tax-free, distributions must be used exclusively to pay the qualified education expenses of the beneficiary. Any person can contribute to a CESA, even if he or she is not related to the beneficiary. Contributions to a CESA are not tax-deductible. A person can contribute to only one CESA during each tax year.
1. true or false
How do you calculate premium taxed?
A taxpayer would be required to pay Social Security and Medicare taxes for a domestic employee in all but one of the following situations. In which situation would this not be required? a.A cook who is paid $35,000 a year b.A nanny who earns $22,000 a year c.A baby-sitter who earns $1,300 a year d.A cleaning lady who is paid $8,000 a year e.The taxpayer would not have to pay Social Security and Medicare taxes in any of the above situations.
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A qualified distribution from a Roth IRA must meet which of the following requirements? I. The distribution must be made on or after the taxpayer reaches age 59/2. II. The distribution is for qualified education expenses. III. The taxpayer must begin distributions after reaching age 70/2. Oa. Only statements I and II are correct. Ob. Only statement I is correct. Oc. Only statements II and III are correct. Od. Only statement III is correct. Oe. Only statement II is correct.
1. Of the cafeteria plans listed, which is NOT a voluntary nontaxable deduction? Answer: A. Medicare B. Group-term life insurance C. Medical care reimbursements D. Adoption assistance 2. Prior to the current period, Sol Berenson had earnings subject to FICA tax of $138,600. This week, Sol has gross earnings of $4,900, so he will have $_____ withheld in FICA tax for this period. 3. Barring any special circumstances, over what age is an individual eligible to receive Medicare benefits? Answer: A. 55 B. 62 C. 65 D. 70
The sole purpose of Social Security taxes is to provide retirement benefits to employees. True False The Social Security wage base for 2019 is $132,900. True False Taxable earnings for Social Security tax are always the same as taxable earnings for federal income tax withholding. True False Collectively, Social Security tax and Medicare tax are referred to as FICA taxes. True False The income threshold for Medicare tax indicates the income level above which no Medicare taxes are levied. True False Employees are required to contribute toward the purchase of disability insurance in all 50 states. True False The contribution limit for a SIMPLE IRA is lower than that for a 401(k) or 403(b). True False ERISA is a set of regulations that dictate the manner in which a cafeteria plan may be administered. True False Flexible spending accounts contain a use it or lose it feature that, although…
2. What must the certified volunteer preparer do with Form 13614-C before starting the tax return? a. Make sure all questions on Form 13614-C are answered. b. Change "Unsure" answers to "Yes" or "No" based on a conversation with the taxpayer. c. Determine the certification level required to complete the return. d. All the above.
For purposes of the Child and Dependent Care Credit, all the following are qualified expenses except for which one? a. نن فم b. d. A $700 adult day care expense for a disabled spouse while the taxpayer workers. A $450 childcare expense while the taxpayer obtains emergency medical care. A $500 payment to a grandparent for childcare while the taxpayer is employed. A $350 payment to a day care center while the taxpayer is looking for employment.
The definition of qualified child for the Child Tax Credit is the same as the General Definition of a Qualified Child EXCEPT FOR, which of the following (more than one may apply) Select one or more: a. A full-time student over the age of 17 but less than 24 is not eligible to be claimed for the Child Tax Credit. b. A qualified child must be under 17 for the Child Tax Credit c. A qualified child cannot be claimed for the Child Tax Credit with only an ITIN (Taxpayer Identification) d. A sister or brother is not eligible for the Child Tax Credit e. A disabled person who is over age 17 is not eligible to be claimed for the Child Tax Credit
Which of the following is a true statement with respect to the gross income test for the qualifying relative dependency exemption? a.The gross income test does not have to be met provided the relative is under age 19 at the end of the tax year. b.The gross income test does not have to be met provided the relative is a student. c.The gross income test does not have to be met provided the relative is under age 24 at the end of the tax year. d.The relative must receive less than $4,200 of gross income in order to qualify. e.All of these choices are correct. Martin, a 50-year-old single taxpayer, paid the full cost of maintaining his dependent mother in a home for the aged for the entire year. What is the amount of Martin's standard deduction for 2019? a.$24,400 b.$19,600 c.$12,200 d.$18,350 e.None of these choices are correct. Which of the following is not a capital asset? a.Stocks b.Land c.Gold d.A personal automobile e.Inventory

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