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Fletch and Cammie Gates Are Married with Three Dependent Children

question 5

Essay

Fletch and Cammie Gates are married with three dependent children and household income of $50,238 in 2015. The Gates purchased health care insurance on their state's exchange for total premiums of $6,000. A designated silver plan for their family in their state costs $9,700. Calculate the Gates' premium tax credit.​


Definitions:

Variable Overhead Rate Variance

The difference between the actual variable overhead incurred and the standard cost allocated, based on the actual amount of the allocation base used.

Supplies

Materials and items used in the daily operations of a business that do not directly become part of the final product.

Flexible Budget

A budget that modifies based on fluctuations in activity levels or volume.

Output

The quantity of goods or services produced in a given time period by a company, individual, or machine.

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