Question
In: Finance
On January 1, 2016, Brooke Daniels, a young single woman just out of college, started a...
On January 1, 2016, Brooke Daniels, a young single woman just out of college, started a new job. She was eligible for health insurance, but decided not to take insurance offered by her employer. She did not purchase any other health insurance. She did not require any medical procedures during the year and, therefore paid nothing for healthcare costs. Her income for the year was $37,200. Will Brooke have a tax penalty? If so, how much?
Solutions
Expert Solution
Brooke income in year = $37,200
Penalty of not having health insurance is 2.5 percent of annal household income or $695 per person.
Total Penalty = $37,200 × 2.50%
= $930
Tax penalty she has to pay for not having health insurance is $930.
jeff jeffy answered 2 years agoRelated Solutions
Helen Parish started a design company on January 1, 2016. On April 1, 2016, Parish borrowed...
Helen Parish started a design company on January 1, 2016. On
April 1, 2016, Parish borrowed cash from a local bank by issuing a
one-year $42,400 face value note with annual interest based on an
12 percent discount. During 2016, Parish provided services for
$37,950 cash. Required Answer the following questions. Record the
events in T-accounts prior to answering the questions. (Select "1,
2, or 3" for the transactions in the order they take place. Round
your answers to nearest...
You just started your first full time job out of college. You recall from your finance...
You just started your first full time job out of college. You
recall from your finance course the importance of starting to save
early for retirement. You plan on making deposits of $215 per pay
check into a stock account and $130 per pay check into a bond
account. You are paid every two weeks (26 pay checks per year). It
is your plan to make these deposits for the next thirty-years. You
expect that you will earn 8.75% per...
You just started your first full time job out of college. You recall from your finance...
You just started your first full time job out of college. You
recall from your finance course the importance of starting to save
early for retirement. You plan on making deposits of $215 per pay
check into a stock account and $130 per pay check into a bond
account. You are paid every two weeks (26 pay checks per year). It
is your plan to make these deposits for the next thirty-years. You
expect that you will earn 8.75% per...
You are a young entrepreneur and have just started a fishing company. Each fish can be...
You are a young entrepreneur and have just started a fishing
company. Each fish can be sold for $10. You can choose between
three types of boats. Big boats can fish in deep waters and will
allow you to fish 100 fish per day. Medium size boats can fish in
medium waters and catch 75 fish per day. Small boats can only fish
in shallow waters and fish 40 fish per day. Big boats cost
$100,000. Medium boats cost $65,000....
Arbuckle Incorporated started operations on January 1, 2016 and purchased $1,000,000 of equipment. The income tax...
Arbuckle Incorporated started operations on January 1, 2016 and
purchased $1,000,000 of equipment. The income tax rate was 40% in
both years. The following information related to 2017 and 2018:
Year
2017
2018
Accounting income before income tax
$275,000
$410,000
Golf club dues
5,000
6,000
Accrued warranty costs
25,000
60,000
Warranty costs paid
20,000
45,000
Depreciation expense on equipment
100,000
100,000
Capital cost allowance
150,000
125,000
a)Calculate taxable income and income tax payable for each
year.
b)Prepare journal...
Mario Corporation started business on January 1, 2016. The board of directors authorized the following classes...
Mario Corporation started business on January 1, 2016. The board
of directors authorized the
following classes of stock:
4% Cumulative preferred stock - $25 par value
Authorized: 40,000
Common Stock - No par value
Authorized: 300,000
The following transactions occurred during 2016:
1/1/16 Issued 120,000 shares of common stock at $10 per
share.
6/2/16 Issued 25,000 shares of preferred stock at a market price of
$25. The dividend is
payable semiannually on 12/1 and 6/1 beginning 12/1/16.
6/23/16 Purchased 12,000...
Mario Corporation started business on January 1, 2016. The board of directors authorized the following classes...
Mario Corporation started business on January 1, 2016. The board
of directors authorized the following classes of stock:
4% Cumulative preferred stock - $25 par value
Authorized: 40,000
Common Stock- No par value
Authorized: 300,000
The following transactions occurred during 2016:
1/1/16. Issued 120,000 shares of common stock at $10 par
value
6/2/16. Issued 25,000 shares of preferred stock at a market price
of $25. The divident is payable semiannulally on
12/1 and 6/1 beginning 12/1/16
6/23/16. Purchased 12,000...
On January 1, 2016, Monica Company acquired 70 percent of Young Company’s outstanding common stock for...
On January 1, 2016, Monica Company acquired 70 percent of Young
Company’s outstanding common stock for $658,000. The fair value of
the noncontrolling interest at the acquisition date was $282,000.
Young reported stockholders’ equity accounts on that date as
follows:
Common stock—$10 par value
$
300,000
Additional paid-in capital
40,000
Retained earnings
460,000
In establishing the acquisition value, Monica appraised Young's
assets and ascertained that the accounting records undervalued a
building (with a five-year remaining life) by $40,000. Any
remaining...
On January 1, 2016, Monica Company acquired 70 percent of Young Company’s outstanding common stock for...
On January 1, 2016, Monica Company acquired 70 percent of Young
Company’s outstanding common stock for $700,000. The fair value of
the noncontrolling interest at the acquisition date was $300,000.
Young reported stockholders’ equity accounts on that date as
follows:
Common stock—$10 par value
$
100,000
Additional paid-in capital
100,000
Retained earnings
520,000
In establishing the acquisition value, Monica appraised Young's
assets and ascertained that the accounting records undervalued a
building (with a five-year remaining life) by $40,000. Any
remaining...
On January 1, 2016, Monica Company acquired 70 percent of Young Company’s outstanding common stock for...
On January 1, 2016, Monica Company acquired 70 percent of Young
Company’s outstanding common stock for $665,000. The fair value of
the noncontrolling interest at the acquisition date was
$285,000.
Young reported stockholders’ equity accounts on that date as
follows:
Common stock—$10
par value
$
300,000
Additional
paid-in capital
90,000
Retained
earnings
410,000
In establishing the acquisition value, Monica appraised Young's
assets and ascertained that the accounting records undervalued a
building (with a five-year remaining life) by $50,000. Any
remaining...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You are tasked with assessing the health department’s intervention program in preventing recurrence of acute alcohol...
- Compare the MOSFET, JFET , and BJT and identify the reasons these devices behave differently. What...
- How would you use SAS Enterprise Miner to create a neural network model of your example?
- Explain the use of neural networking modeling in predictive analytics.
- Current Market Mix of Netflix, as detail as possible, please.
- This is all one question, thank you so much in advance! You must evaluate a proposal...
- X Company is considering the purchase of a new processor that costs $200,000. Shipping and setup...
ADVERTISEMENT