Answer:
Present ages of the father is 29 and the son is 5
Explanation:
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A person who purchases his/her own policy can exclude the benefits from gross income. It's also good to note tat statutory limitations exist for the following amounts:
Benefits that have been collected under the employer's plan
Premiums that have been paid by the employer
benefits that have been collected from the individuals' policy. Therefore the amount Valentino may exclude will be calculated as follows;
Daily statutory amount in 2017 (360*45) $16200
Actual cost of care $13500 $16200
Less: Amount received from Medicare ($8000)
Equal amount of exclusion ($8200)
Thus:
Valentino must include (15000-8200)=$6800 of the long-term care benefits received in his gross income.
The United States Federal Reserve System controls the money supply and also monetary policy in the United States including the buying of selling of U.S. Treasury bonds to influence the money supply.
Answer:
a. $425,000
Explanation:
<em>Calculation of compensated absences expense for the year</em>
Closing balance of compensated absences = $150,000
+ Payments made for compensated expenses = $400,000
- Opening balance of compensated absences =<u> - $125,000</u>
Compensated absences expense for the year = $425,000
Answer: Raises the CPI and reduces real income.
Explanation:
Inflation is a sustained rise in the general price level of the goods and services in an economy during a particular period. It is usually expressed as a percentage. Inflation leads to a reduction in the purchasing power of a country's currency.
Real income reduces because a rise in the price level with nominal income constant reduces the purchasing power of money. People holding real assets are better off than people who are holding cash.
