Connect e Chegg Study I Guided S: e Chegg Study I Guided S × C secure l https://

Question

Connect e Chegg Study I Guided S: e Chegg Study I Guided S × C secure l https://newconnect.mheducation.com/flow/connect.html Lesson 4 Homework 6 Saved Help Save & Exit Submlt Check my work 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 the 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 $35,000. 0.93 points (a) Will Brooke have to pay a tax penalty? Print Yes O No References (b) If so, how much? Tax penalty Mc 6:32-a, u

Explanation / Answer

a.

Since, She has not taken health insurance, either provided by her employer of purchase herself. So he must has to pay penalty of not taken any health insurance.

b.

Annual Gross Income = $35,000

Annual threshold for single = $10,300

Value of penalty = ($35,000 - $10,300) × 2%

= $24,700 × 2%

= $494.

Value of penalty is $494.

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.