if a taxpayer's 2019 household income of $60,000 places the taxpayer at 350% of the federal poverty level, what is the taxpayer's normal expected contribution when calculating the refundable tax credit for which the taxpayer may be eligible under the ppaca to purchase a qualified health plan?

Question

Business

Shane Hurst

2 July, 02:06

if a taxpayer's 2019 household income of $60,000 places the taxpayer at 350% of the federal poverty level, what is the taxpayer's normal expected contribution when calculating the refundable tax credit for which the taxpayer may be eligible under the ppaca to purchase a qualified health plan?

+5

Answers (1)

Know the Answer?

Winston Herring · Answer 1

The taxpayer's normal expected contribution when calculating the refundable tax credit for which the taxpayer may be eligible under the ppaca to purchase a qualified health plan is $57,000.

Explanation:

With an income of $ 600,000, the tax payer is at 350% of the Federal Poverty Level or FPL, so the normal expected contribution is 9.5% of his income.

The normal expected contribution = 9.5% of his income

= 600000*9.5%

= $57,000

Therefore, The taxpayer's normal expected contribution when calculating the refundable tax credit for which the taxpayer may be eligible under the ppaca to purchase a qualified health plan is $57,000.