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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

hence the penality for not paying health insurance will be :

for the year 2016 the penality shall be higher of the following $695 or 2.5% of income

as it is assumed she is under the age of 18 years as she just completed her college.Then the penality as follows:

Gross total income =$35,000

- Threshold limit = ($10,350)

Net Income = $ 24,650

Penality : $24,650*2.5% = $616.25

if she is not under the age of 18 years then the penality would be higher of $616.25 or $695.

hence in this case penality would be $616.25( as she is under the age of 18)

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