Examlex
Fletch and Cammie Gates are married with three dependent children and household income of $55,140 in 2014. 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.
Double-Declining-Balance
A method of accelerated depreciation that doubles the straight-line depreciation rate and applies it to the reducing book value each year.
Straight-Line Depreciation
A method of allocating the cost of a tangible asset over its useful life in equal annual amounts, making the expense predictable.
Accounting Principles
Fundamental guidelines or rules that govern the financial reporting and accounting practices of companies, ensuring accuracy, consistency, and fairness in financial statements.
Prospectively
Prospectively means looking forward or considering future events, often used in accounting in terms of adopting new policies for future transactions.
Q3: During the 2014 holiday season, Bob, a
Q5: Taxpayers are allowed to offset net short-term
Q13: J. Bean and D. Counter formed a
Q26: Mortgage interest on a taxpayer's personal residence
Q44: Group term life insurance premiums paid by
Q47: Depending on the amounts of income and
Q73: The cost of an appraisal of a
Q85: Which of the following is true of
Q94: Roger is required under a 2004 divorce
Q112: Which of the following is generally excluded