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nevsk [136]
3 years ago
12

Ramon did not have health insurance in 2019, how does that affect his return? A. He must pay a $695 shared responsibility paymen

t (SRP). 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 exemption to avoid the shared responsibility payment.
Business
1 answer:
Sever21 [200]3 years ago
4 0

Answer:

<em><u>The answer is</u></em>: <u>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.</u>

Explanation:

<u>Health insurance coverage is no longer mandatory at the federal level, as of January 1, 2019,</u> so the shared responsibility payment is reduced to zero for the 2019 fiscal year.

So it has no effect on your 1040 form, because the entire year of health care coverage or the exempt box is removed from the 1040 form.

<em><u>The answer is</u></em>: <u>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.</u>

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In the current year, Plum, Inc., a closely held C corporation, has $410,000 of net active income, $20,000 of portfolio income, a
fenix001 [56]

Answer:

(a) $430,000

(b) $355,000

Explanation:

To answer the question, it is important to understand the meaning of passive income or loss and how it applies to personal service corporation (PSC) and C corporation.

Passive income refers to income received from investment without active participation in the running of the business. Example of passive income is dividend.

For personal service corporation (PSC), when there is a passive loss, in can only be deducted from any other available passive income from other investments. If there is no other passive income, the passive loss is not deductible from active income.

For C corporation, passive loss is allowed to be deducted against net active income. However, it can not be deducted against portfolio income .

The questions are then answered as follows:

a) If Plum is a personal service corporation (PSC)

Since Plum is PSC, it cannot deduct passive activity loss of $75,000 from the net active income nor portfolio income.

Therefore, it taxable income is the addition of net active income and portfolio income as follows:

Taxable income = $410,000 + $410,000 = $430,000

b) Plum is not a personal service corporation

Here, Plum is considered as a C coporartion. Therefore, it can deduct the passive loss from the active income  but not from portfolio income. Its Taxable income is therefore as follows:

Taxable income = ($410,000 - $75,000) + $20,000 = $355,000

5 0
3 years ago
A hospital incurs $10 million of cost to treat Medicaid patients and receives $7 million in payment. Actual charges for these Me
Snowcat [4.5K]
<span>It would be: $3 million ($10 million in cost less $7 million in payment)</span>
6 0
3 years ago
At the beginning of the period, the Cutting Department budgeted direct labor of $52,350 and supervisor salaries of $42,150 for 3
xxTIMURxx [149]

Answer:

$77,000

Explanation:

Direct Labor = $52,350 (Its varies with the number of Production hours). Hence, $52,350   for 3,490 hours

For 3,800 hours, (52,350/3,490) * 3,800 = $57,000

Supervisor Salaries = $20,000 (Since the Supervisor Salary is not an incremental cost, it is a fixed one). So, the Supervisor Salaries remain $20,000

Net budget (flexible) = $57,000 + $20,000

Net budget (flexible) = $77,000

4 0
3 years ago
Suppose your firm receives a $ 3.2 million order on the last day of the year. You fill the order with $ 1.7 million worth of inv
AURORKA [14]

Answer & Explanation:

<u>a.- Revenues: </u>Increase for 3.2 millions

It will be recognize for the entire order, as it was deliveried entirely within the accounting period.

<u>b.- Earnings: </u> Increase for 1.5 millions

The earnings for the business will be the net between the revenues and expenses.

3.2 revenues - 1.7 expenses = 1.5 earnings

<u>c.- Receivables: </u> Increase for 1.8 millions

It will increase for the unpaid portion ofthe order.

<u>d.- Inventory</u> Decrease for 1.7 millions

It will decrease for the entire cost of the order, as it was within this accounting period both, revenues and the expense related to it, will be recognize.

<u>e.- Cash:</u> Increase for 1.4 millions

It will increase for the amount received from the customer. As it was no payment from the business in the transaction.

5 0
3 years ago
2. The following table provides information about the production possibilities frontier of a Country.(4)
iren [92.7K]

Based on the PPF of the country, if the country were to produce an additional 20 computers at that level, the opportunity cost would be 40 kg of wheat.

If a technological advancement allows for computers to be produced more efficiently, the PPF would expand outwards as shown in the attachment.

<h3>What would be the opportunity cost?</h3>

At the point where this country can produce 10 computers, the amount of wheat it can produce is 400 kg wheat.

If it produces 20 more computers, it will move to the point where it can produce 30 computers and 360 kg of wheat. Opportunity cost would be:

= 400 - 360

= 40 kg wheat.

<h3>What happens due to a technological advancement?</h3>

When there is an improvement in technology, the production capacity of a nation increases. This leads to the production possibilities frontier expanding outward.

Find out more on the production possibilities frontier at brainly.com/question/26685094.

3 0
2 years ago
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