1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Darya [45]
3 years ago
7

Helen spent the last 85 days of 2020 in a nursing home. The cost of the services provided to her was $27,625 ($325 per day). Med

icare paid $8,400 toward the cost of her stay. Helen also received $15,440 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $380. If the amount is zero, enter 0. What is the effect on Helen's gross income
Business
1 answer:
Vsevolod [243]3 years ago
5 0

Answer:

Amount included in gross income of Helen is $0.

Hence, There will be no effect upon the gross income of Helen.

Explanation:

Data Given:

Number of Days Helen Spent = 85 days

Cost of the services = $27,625

Medicare Paid = $8400

Benefits received = $15440

Assumption: Federal Daily Excludible amount = $380

Solution:

Daily Statutory  amount = Daily Excludible amount x number days spent

Daily Statutory  amount =  $380 x 85 days

Daily Statutory  amount = $32300

We know that,

Amount of Medicare Paid = $8400

So, now we need to calculate the amount of exclusion first.

1. Amount of Exclusion = cost of the services - Medicare paid

Amount of Exclusion = $27625 - $8400 = $19225

So, now we calculate the amount included into the gross income of Helen.

2. Amount included in gross income = Benefits Received - Amount of Exclusion

Amount included in gross income =  $15440 - $19225

Amount included in gross income = -$3785

Here, we will not cater the negative, which means that amount included in gross income of Helen is $0.

Hence, There will be no effect upon the gross income of Helen.

You might be interested in
A company decides on the worth of a product, keeping in mind the disposable income of customers
Artist 52 [7]

Household net disposable income is calculated by taking the sum of household income, wages, and other earned money and subtracting all income taxes paid. To break this down, you will add up your household wages, salaries, any other income, net property income (if applicable), and any net transfers in kind (net amount).
3 0
2 years ago
A reading researcher does what
Dmitry_Shevchenko [17]

Answer:

They reveal how the author(s) interpreted the findings of their research and presented recommendations or courses of action based on those findings.

Explanation:

7 0
2 years ago
the amount of goods and services produced by an economy divided by the amount of resources used to make those goods and services
Elenna [48]
Gross dometic product
3 0
2 years ago
lisette’s laptop needs a unique battery, and a local computer parts company is the only place that sells it. given the demand fu
Allushta [10]

Answer:

-5000

Explanation:

3 0
2 years ago
MC Qu. 119 Alexis Co. reported the following information... Alexis Co. reported the following information for May: Part A Units
Brums [2.3K]

Answer:

the contribution margin per unit for part A is  $1,479,000

Explanation:

The computation of the contribution margin for part A is shown below:

Contribution margin per unit is

= $950 - $600 - $95

= $255

Now for contribution margin per unit for part A is

= 5,800 units × $255

= $1,479,000

Hence, the contribution margin per unit for part A is  $1,479,000

5 0
2 years ago
Other questions:
  • An industry comprised of four firms, each with about 25 percent of the total market for a product is an example of:
    9·1 answer
  • Bob, CPA, has a client with a strong belief that he is correct about an aggressive but creative tax position. Bob thinks otherwi
    15·1 answer
  • The Cutting Department of Sheridan Company has the following production and cost data for July.
    15·1 answer
  • On December 31, 2018, Perry Corporation leased equipment to Admiral Company for a five-year period.
    7·1 answer
  • The data-mining technique that creates a report or visual representation is _____.
    10·1 answer
  • Zellars, Inc. is considering two mutually exclusive projects. A and B. Project A costs $75,000 and is expected to generate $48,0
    12·1 answer
  • The Box Manufacturing Division of the Allied Paper Company reported the following results from the past year. Shareholders requi
    9·1 answer
  • Which of the following is NOT a benefit of a social media presence for a brand? Group of answer choices Social media allows comp
    10·1 answer
  • Un aumento del producto en la economía estadounidense provoca:
    11·1 answer
  • Which of the following are used to calculate the standard quantity per unit of direct materials?
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!