Question

Susan and Stan Collins live in Iowa and are married. They have two children, ages 6 and 10. In 2022, Susan's income is $43,120 and Stan's income is $12,000. Both Susan and Stan are self-employed. Additionally, they have $500 in interest income from tax-exempt bonds. The Collins enrolled in health insurance for the entire year of 2022 through their state exchange, but did not choose to have the credit paid in advance. The 2022 Form 1095-A that the Collins received from the exchange provides the following information: annual premiums of $9,800 and an annual premium for the designated benchmark plan in the state of $10,800. What is the total income of the Collins family in 2022? 1) $56,620 2) $55,420 3) $44,120 4) $44,620

Answer 1

The total income of the Collins family in 2022 is calculated by adding together Susan's income, Stan's income, and their interest income, which equals $55,620.

Step-by-step explanation:

The question is asking to calculate the total income of the Collins family in 2022. To calculate this, we need to add up all forms of income that the family received in that year. The total income is the sum of Susan's income, Stan's income, and their interest income. The calculation is as follows:

• Susan's income: $43,120
• Stan's income: $12,000
• Interest income from tax-exempt bonds: $500

Adding these amounts together, we get:

$43,120 (Susan's income) + $12,000 (Stan's income) + $500 (Interest income) = $55,620

Therefore, the total income of the Collins family in 2022 is $55,620.

Answer 2

The total income of the Collins family in 2022 is $55,620.

In 2022, Susan and Stan Collins, a married couple residing in Iowa, reported their respective incomes. Susan's income was $43,120, and Stan's income was $12,000. Additionally, they received $500 in interest income from tax-exempt bonds. To determine their total income, we sum up these amounts: $43,120 (Susan's income) + $12,000 (Stan's income) + $500 (interest income) = $55,620. This total reflects the combined earnings of the Collins family for the year.

It's noteworthy that this calculation excludes other potential sources of income, as the provided information focuses specifically on Susan and Stan's earnings and interest income. However, considering the options provided, the closest match is $56,620, though it seems there may be a typographical error in the options. The accurate calculation based on the details given is $55,620.