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Arturo and Dina are married with two dependents. They enrolled in a qualified plan through the Marketplace at a cost of $2,700 per year. Their household income was $31,000. Their SLCSP premium is $3,600. What is their premium tax credit?

Respuesta :

jepessoa

Answer:

$2,261

Explanation:

I calculated this tax credit using 2019 information:

household income = $31,000

household income as a % of poverty line = $31,000 / $25,100 = 123.5%

applicable percentage = 4.32%

required contribution = $31,000 x 4.32% = $1,339.20 ≈ $1,339

SLCSP = $3,600

SLCSP - required contribution = $3,600 - $1,339 = $2,261

$2,261 ≤ $2,700 (cost of qualified plan)

we must choose the lower between $2,261 and $2,700 ⇒ $2,261