Bill, age 65, has 2015 unreimbursed medical expenses totaling $20,000 and an adjusted gross income of $170,000. What is the amount of such medical expenses he can deduct?

a. $0

b. $3,000

c. $7,250

d. $20,000

Carol is eligible for a $2,000 health insurance premium credit in 2015. How much of that credit will she actually receive if she has a total income tax liability of only $500?

a. $0

b. $500

c. $1,500

d. $2,000

What is the minimum monthly health insurance premium contribution a small employer must make in order to qualify for a small employer health insurance premium credit if it employs 10 full-time employees and its monthly employee-only premium rate is $400 and its family premium rate is $1,000?

a. $2,000

b. $4,000

c. $5,000

d. $10,000

If a taxpayers household income of $60,000 places the taxpayer at 350% of the federal poverty level, what is the taxpayers 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?

a. $1,200

b. $3,000

c. $4,800

d. $5,700

Jim Bobs Doggie Barn, Inc., a for-profit employer, employed 25 full-time employees in 2015 and paid $100,000 in premiums for health insurance covering all its employees. If the premiums paid represent 100% of the employee coverage cost and the average wages paid per full-time employee were $26,000, for what tax credit is the company eligible?

a. $0

b. $26,000

c. $35,000

d. $50,000

What is the maximum amount that may be contributed to an employers flexible spending account for medical expenses in 2015?

a. $2,550

b. $5,100

c. $10,200

d. No dollar limit applies to flexible spending account contributions for medical expenses.

What is the minimum penalty for which a non-exempt family of four adults would be liable in 2015 for failing to maintain minimum essential coverage for the entire year under the provisions of the PPACA?

a. $0

b. $325

c. $975

d. $1,300

Linda, age 58, contributed $3,000 to her traditional IRA in 2015. If her permitted Roth IRA contribution is not reduced because of her income, what is the maximum amount she can contribute to it in 2015?

a. $6,500

b. $5,500

c. $3,500

d. $1,500

Gary is age 55 and married. He files a joint tax return and is an active participant in his employers 401(k) plan. What is the maximum tax-deductible IRA contribution he can make in 2015 if his AGI is $118,000?

a. $6,500

b. $0

c. $5,500

d. $1,000