What is the amount of the individual shared responsibility payment "penalty" for Tax Year 2019? $0....
What is the amount of the individual shared responsibility payment "penalty" for Tax Year 2019?
$0.
$295.
$695.
$2,085.
Homework Answers
Ans. Option 1. $0.
As per ACA (affordable care act), The penalty for not having health insurance is no longer applicable, hence This would be "0" here.
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What is the amount of the individual shared responsibility
payment "penalty" for Tax Year 2019?
$0....
Which of thes is incorrect regarding the ACA individual Shared Responsibility penalty for 2018? a. To...
Which of thes is incorrect regarding the ACA individual Shared Responsibility penalty for 2018? a. To calculate the payment you would calculate 2.5% of the household income b. To calculate the payment, you would need toi add together $695 per tax family member ($37.50 per child under age 18) without coverage. c. When adding the numbers for family members without coverage, you would not calculate more that $2,085 d. Beginning in 2018, taxpayers will no longer be required to pay...
Ramon did not have health insurance in 2019 how does that affect his return? A. he...
Ramon did not have health insurance in 2019 how does that affect his return? A. he must pay a $695 Shared responsibility payment B. it has no effect on his form 1040 the full year health care coverage or exempt box is eliminated from form 1040 because the shared responsibility payment is reduced to zero for tax year 2019. c. Ramon can claim a short coverage gap exemption to avoid the shared responsibility payment. d. Ramon can claim the affordability...
Edward and Julia are married and have two children under age 18. No family member has...
Edward and Julia are married and have two children under age 18. No family member has minimum essential coverage for any month during 2018, and no family member qualifies for an exemption. For 2018, their household income is $73,300 and their tax return filing threshold amount is $24,000. Assuming the annual national average premium for bronze level coverage for 2018 is $6,792, Edward and Julia's shared responsibility payment for 2018 is what amount? A. $0 B. $695 C. $1,110 D....
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generally in 2017 which of the following events will trigger the employer shared responsibility penalty a a part-time employee who works for the employer with 50 or more employees receive qualified health insurance from the marketplace and received a premium tax credit be a full time employee who works for the employer with 50 or more employees receive a qualified health insurance from the marketplace and received a premium tax credit a part-time employee who works for the employer with...
Brian, a self emploed individual, pays state income tax payments of: $900 on January 15, 2019...
Brian, a self emploed individual, pays state income tax payments of: $900 on January 15, 2019 (4th estimated tax payment for 2018) $1000 on April 16, 2019 (1st estimated tax payment in 2019) $1000 on June 16th, 2019 (2nd estimated tax payment in 2019 $1,000 on September 16 2019 (3rd estimated tax payment in 2019) $800 on January 15, 2020 (4th estimated tax payment of 2019) Brian had a tax overpayment of $500 on his 2018 state income tax return and...
Table Tax for 2019 Paul has the following information: AGI for 2019 Withholding for 2019 Total...
Table Tax for 2019
Paul has the following information: AGI for 2019 Withholding for 2019 Total tax for 2018 Total tax for 2019 $ 155,000 = $ 28, 200 = $ 31,800 = $ 31,947 Required: a. How much must Paul pay in estimated taxes to avoid a penalty? (Round the final answer to nearest whole dollar amount.) Minimum estimated tax payment b. If Paul had paid $800 per quarter, would he have avoided the estimated tax penalty? Yes No
Millie’s 2019 tax liability is $41,293. Her AGI is greater than $150,000 m. Her 2019 withholding...
Millie’s 2019 tax liability is $41,293. Her AGI is greater than $150,000 m. Her 2019 withholding is $36,910. Her 2018 tax liability was $29,570. Does she owe an estimated tax penalty payment for 2019? Why or why not? - yes. She owes a penalty because her balance due is greater than $1000. - yes. She owes a penalty because she did not have at least 100% of her tax liability withheld during the year. - no. She does not owe...
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6. Curtis, age 29, did not have health care coverage all year. His AGI is $35,000. What is the maximum Shared Responsibility Payment (SRP) he is required to pay? OA $0 B. $347.50 C. $570 D. $695 Back Next Skip First Skipped Question Next Skipped Question
An individual taxpayer’s tax return included the following: Regular tax before tax credits $5,000 Current-year estimated...
An individual taxpayer’s tax return included the following: Regular tax before tax credits $5,000 Current-year estimated tax payments 6,000 Amount paid with current-year extension 1,000 Federal income tax withheld 1,000 What amount, if any, is the taxpayer’s overpayment? A $1,000 B. $0 C. $3,000 D. $2,000
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PART ONE What is the amount of the income tax? The individual is single. Operate a small business and the records are kept on the cash basis account. PART TWO What is the total amount of tax on the return? INFORMATION NEEDED BELLOW Gross Income 600,000 Net Income 123,386 Self Employment Taxes 17,434 Expenses 476,614 Standard deduction 12,200 Estimated Tax Paid 17,400 AGI 114,669 QBID 20,494 The amount of the Taxable Income 81,975
Table Tax for 2019
Paul has the following information: AGI for 2019 Withholding for 2019 Total tax for 2018 Total tax for 2019 $ 155,000 = $ 28, 200 = $ 31,800 = $ 31,947 Required: a. How much must Paul pay in estimated taxes to avoid a penalty? (Round the final answer to nearest whole dollar amount.) Minimum estimated tax payment b. If Paul had paid $800 per quarter, would he have avoided the estimated tax penalty? Yes No
6. Curtis, age 29, did not have health care coverage all year. His AGI is $35,000. What is the maximum Shared Responsibility Payment (SRP) he is required to pay? OA $0 B. $347.50 C. $570 D. $695 Back Next Skip First Skipped Question Next Skipped Question
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