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Problem 7-15 The Affordable Care Act (L0 7.4) Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019, Susan's income is $41,214 and Stan's is $12,000 and both are self- employed. They also have $500 in interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2019 through their state exchange but did not elect to have the credit paid in advance. The 2019 Form 1095-A that the Collins received from the exchange lists the following information: Annual premiums $9,800 Annual premium for the designated silver plan in the state $10,800 Federal Poverty Line for a family of four $25,100 Compute the Collins' premium tax credit for 2019. Round any division to two decimal places before converting to a percent. If required, round your final answer to the nearest dollar. $I:] Problem 7-16 The Affordable Care Act (L0 7.4) Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019, Susan's income is $41,214 and Stan's is $12,000 and both are self- employed. They also have $500 in interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2019 through their state exchange and elected to have the credit paid in advance. The 2019 Form 1095-A that the Collins received from the exchange lists the following information: Annual premiums $9,800 Annual premium for the designated silver plan in the state $10,800 Total advance payment of the premium tax credit $9,200 The Federal Poverty Line for a family of four is $25,100. Table for Repayment of the Credit Amount Taxpayers Other Single Than Single Less than 200% $300 $600 At least 200% but less than 300% 800 1,600 At least 300% but less than 400% 1,325 2,650 At least 400% No limit No limit Calculate the excess advance premium tax credit and the repayment amount for 2019. Round any division to two decimal places before converting to a percent. $[:1 14:] Excess advance premium tax credit Repayment amount Problem 7-19 (Algorithmic) Education Tax Credits (LO 7.5) Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $7,975 for her tuition and fees. If required, round your computations to the nearest whole value. a. Assuming Janie's parents have AGI of $175,400, what is the American Opportunity tax credit they can claim for Janie? b. Assuming Janie's parents have AGI of $70,160, what is the American Opportunity tax credit they can claim for Janie?Problem 7-21 Foreign Tax Credit (L0 7.6) Martha and Lew are married taxpayers with $400 of foreign tax withholding from dividends in a mutual fund. They have enough foreign income from the mutual fund to claim the full $400 as a foreign tax credit. Their tax bracket is 24 percent and they itemize deductions. Should they claim the foreign tax credit or a deduction for foreign taxes on their Schedule A? The foreign tax deduction will result in a $:] tax benefit where as claiming the foreign tax credit yields a $:] tax benet. Therefore, the taxpayers should i n Problem 7-22 Adoption Expenses (L0 7.7) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is nalized in 2019. They pay $7,000 in 2018 and $7,500 in 2019 for qualified adoption expenses. In 2019, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2019? U b. How much credit could they claim if the adoption falls through and is never nalized? U c. How much credit could they claim if their AGI was $217,160? D