Valentino is a patient in a nursing home for 45 days of 2016. While in the nursing
Question:
Valentino is a patient in a nursing home for 45 days of 2016. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the daily federal statutory amount for Valentino is $340.
Of the $15,000, what amount may Valentino exclude from his gross income?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (4 reviews)
To determine the amount that Valentino may exclude from his gross income we need to calculate the am...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Question Posted:
Students also viewed these Business questions
-
Valentino is a patient in a nursing home for 45 days in 2016. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his...
-
Valentino is a patient in a nursing home for 45 days in 2017. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his...
-
Valentino is a patient in a nursing home for 45 days of 2015. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his...
-
You are given the following information concerning three portfolios, the market portfolio, and the risk-free asset: What is the Sharpe ratio, Treynor ratio, and Jensens alpha for eachportfolio?...
-
Fabiano Brothers Co. is considering an investment that requires immediate payment of $550,000 and provides expected cash inflows of $100,000 annually for eight years. What is the investments payback...
-
On July 23 of the current year, Dakota Mining Co. pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs and pays for machinery costing $410,000 on July 25. The...
-
Primorsk Corporation began the year 20x6 with cash of $55,900. In addition to earning a net income of $32,500 and paying a cash dividend of $19,500, Primorsk borrowed $78,000 from the bank and...
-
The beginning balance sheet of Kyndra Corporation included the following: Equity-method Investment in KTR Software.................................. $585,000 Kyndra Corporation completed the...
-
A lighthouse stands 525 m off a straight shore and the focused beam of its light revolves four times each minute. As shown in the figure, P is the point on shore closest to the Lighthouse ....
-
If a project manager is looking for revenue for a value-added scope change, the project manager's first choice would be: A. Management reserve B. Customer-funded scope change C. Undistributed budget...
-
Mio was transferred from New York to Germany. He lived and worked in Germany for 340 days in 2016. Mios salary for 2016 is $190,000. In your computation, round any division to four decimal places...
-
Use your class as the sample. Have each student take her or his temperature on a day when he or she is healthy. Compute the mean and standard deviation for the sample. Create a 95% confidence...
-
Briefly describe three types of evidence that auditors might collect using the SCARF concurrent auditing technique.
-
Do auditors need high levels of expertise with information systems audit and control to be able to use concurrent auditing techniques successfully? Why or why not?
-
Why do auditors need to consult with other groups whenever they implement a concurrent auditing technique?
-
What are two types of cost externalities that auditors impose on other groups when using a concurrent auditing technique?
-
Give one advantage and one disadvantage of continuous and intermittent simulation with respect to (a) SCARF and (b) parallel simulation.
-
From the opening story, describe the inventory system that Veseys uses. Why is this system appropriate for Veseys? What decisions can Veseys' management make that would not be possible if they had...
-
The MIT Sloan School of Management is one of the leading business schools in the U.S. The following table contains the tuition data for the masters program in the Sloan School of Management. a. Use...
-
Angela, who is single, incurs circulation expenditures of $153,000 during 2017. She is deciding whether to deduct the entire $153,000 or to capitalize it and elect to deduct it over a three-year...
-
Archie runs a small mineral exploration business (as a sole proprietorship). In 2015, he purchased land (for $68,000) where he suspected a magnesium deposit was located. He incurred $18,000 of...
-
Lonzo owns two apartment buildings. He acquired Forsythia Acres on February 21, 1998, for $300,000 ($90,000 allocated to the land) and Square One on November 12, 2017, for $800,000 ($100,000...
-
Determine the sales mix and contribution margin ratio for each division. \ table [ [ , Computers,,VG Systems ] , [ Sales mix,, % , s ] , [ Contribution margin ratio,, % , 9 ] ]
-
EB 9 . LO 8 . 3 Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured 1 1 5 , 0 0 0 units. The standard cost sheet indicates that the standard direct labor...
-
Present Value of Bonds Payable; Premium Moss Co . issued $ 1 0 1 , 0 0 0 of five - year, 1 2 % bonds with interest payable semiannually, at a market ( effective ) interest rate of 9 % . Determine the...
Study smarter with the SolutionInn App