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Premium Tax Credit
The premium tax credit (PTC) is a mechanism established by the Affordable Care Act (ACA) through which the United States federal government partially subsidizes the cost of private health insurance for certain lower- and middle-income individuals and families. The PTC is a refundable tax credit, and may be applied directly to the cost of insurance premiums. The PTC is one of a host of ACA tax provisions and was first made available in 2014; it aims to make insurance affordable for lower- and middle-income U.S. residents who do not receive insurance through their employer and whose household income is too high to qualify for Medicaid. The PTC is only available to those who purchase insurance through the ACA-established health exchanges and meet the law's household income eligibility requirements. Under the ACA, only those households earning between 100% and 400% of the federal poverty level (FPL) are eligible to receive the PTC; however, the American Rescue Plan Act of 2021 te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Affordable Care Act
The Affordable Care Act (ACA), formally known as the Patient Protection and Affordable Care Act (PPACA) and informally as Obamacare, is a landmark U.S. federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010. Together with amendments made to it by the Health Care and Education Reconciliation Act of 2010, it represents the U.S. healthcare system's most significant regulatory overhaul and expansion of coverage since the enactment of Medicare (United States), Medicare and Medicaid in 1965. Most of the act remains in effect. The ACA's major provisions came into force in 2014. By 2016, the uninsured share of the population had roughly halved, with estimates ranging from 20 to 24 million additional people covered. The law also enacted a host of Healthcare industry#Delivery of services, delivery system reforms intended to constrain healthcare costs and improve quality. After it came into effect, increases in overall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
King V
King is a royal title given to a male monarch. A king is an absolute monarch if he holds unrestricted governmental power or exercises full sovereignty over a nation. Conversely, he is a constitutional monarch if his power is restrained by fixed laws. Kings are hereditary monarchs when they inherit power by birthright and elective monarchs when chosen to ascend the throne. *In the context of prehistory, antiquity and contemporary indigenous peoples, the title may refer to tribal kingship. Germanic kingship is cognate with Indo-European traditions of tribal rulership (cf. Indic ''rājan'', Gothic ''reiks'', and Old Irish ''rí'', etc.). *In the context of classical antiquity, king may translate in Latin as '' rex'' and in Greek as ''archon'' or ''basileus''. *In classical European feudalism, the title of ''king'' as the ruler of a ''kingdom'' is understood to be the highest rank in the feudal order, potentially subject, at least nominally, only to an emperor (harking back to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Insurance Exchange
In the United States, health insurance marketplaces, also called health exchanges, are organizations in each state through which people can purchase health insurance. People can purchase health insurance that complies with the Patient Protection and Affordable Care Act (ACA, known colloquially as "Obamacare") at ACA health exchanges, where they can choose from a range of government-regulated and standardized health care plans offered by the insurers participating in the exchange. ACA health exchanges were fully certified and operational by January 1, 2014, under federal law. Enrollment in the marketplaces started on October 1, 2013, and continued for six months. 8.02 million people had signed up through the health insurance marketplaces. An additional 4.8 million joined Medicaid. Enrollment for 2015 began on November 15, 2014, and ended on December 15, 2014. As of April 14, 2020, 11.41 million people had signed up through the health insurance marketplaces. Private non-ACA heal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Individual Mandate
An individual mandate is a requirement by law for certain persons to purchase or otherwise obtain a good or service. United States Militia act The Militia Acts of 1792, based on the Constitution's militia clause (in addition to its affirmative authorization to raise an army and a navy), would have required every "free able-bodied white male citizen" between the ages of 18 and 45, with a few occupational exceptions, to "provide himself" a weapon and ammunition. (See Conscription.) The Militia Acts were never federally enforced, so their constitutionality was never litigated. Seaman relief act An Act for the relief of sick and disabled seamen, signed into law by President John Adams in 1798, required employers to withhold 20 cents per month from each seaman's pay and turn it over to a Collector of the Federal Treasury when in port, and authorized the President to use the money to pay for "the temporary relief and maintenance of sick or disabled seamen," and to build hospitals ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Form 1095
Form 1095 is a collection of Internal Revenue Service (IRS) tax forms in the United States which are used to determine whether an individual is required to pay the individual shared responsibility provision. Individuals can also use the health insurance information contained in the form/forms to help them fill out their tax returns. The individual forms are Form 1095-A "A Health Insurance Marketplace Statement", Form 1095-B "Health Coverage", and Form 1095-C "Employer-Provided Health Insurance Offer and Coverage". Individuals may receive one or multiple versions of Form 1095. Background The Affordable Care Act, or Obamacare, includes both the individual mandate and the employer mandate. The individual mandate requires that most Americans have qualifying healthcare coverage or potentially face a fine. The employer mandate requires employers with 50 or more full-time equivalent employees to offer healthcare coverage to their full-time employees or potentially face a fine. Form 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxpayer
A taxpayer is a person or organization (such as a company) subject to pay a tax. Modern taxpayers may have an identification number, a reference number issued by a government to citizens or firms. The term "taxpayer" generally characterizes one who pays taxes. A taxpayer is an individual or entity that is obligated to make payments to municipal or government taxation-agencies. Taxes can exist in the form of income taxes and/or property taxes imposed on owners of real property (such as homes and vehicles), along with many other forms. People may pay taxes when they pay for goods and services which are taxed. The term "taxpayer" often refers to the workforce of a country which pays for government systems and projects through taxation. The taxpayers' money becomes part of the public funds, which comprise all money spent or invested by government to satisfy individual or collective needs or to generate future benefits. For tax purposes, business entities are also taxpayers, mak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the Federal government of the United States, United States federal government, which is responsible for collecting Taxation in the United States, U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the United States Department of the Treasury, Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure funded over a fifth of the Union's war expens ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Welfare Trap
The welfare trap (aka the welfare cliff, unemployment trap, or poverty trap in British English) theory asserts that taxation and welfare (financial aid), welfare systems can jointly contribute to keep people on social insurance because the withdrawal of means-tested benefits that comes with entering low-paid work causes there to be no significant increase in total income. According to this theory, an individual sees that the opportunity cost of getting a better paying job is too great for too little a financial return, and this can create a perverse incentive to not pursue a better paying job. Different definitions The term used for this concept varies depending on country. In the United States, where government benefit payments are colloquially referred to as "welfare", the welfare trap often indicates that a person is completely dependent on benefits, with little or no hope of self-sufficiency. The welfare trap is also known as the ''unemployment trap'' or the ''poverty trap'', ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medicaid Coverage Gap
Under the public healthcare policy of the United States, some people have incomes too high to qualify in their state of residence for Medicaid, the public health insurance plan for those with limited resources, but too low to qualify for the premium tax credits that would subsidize the purchase of private health insurance. These people are described as falling into the Medicaid coverage gap. The 2010 Affordable Care Act (ACA) aimed to ensure universal health care through a number of mechanisms. It expanded Medicaid by raising the income threshold for eligibility to 138 percent of the federal poverty line (FPL) among nonelderly adults. For those with income above the FPL who do not receive affordable health insurance from an employer, the ACA established premium tax credits that would subsidize the cost of buying private insurance through health insurance marketplaces. State participation in Medicaid is theoretically voluntary, although all states have participated ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Filing Status
Under United States federal income tax law, filing status is an important factor in computing taxable income. Filing status depends in part on marital status and family situation. There are five possible filing status categories: single individual, married person filing jointly or surviving spouse, married person filing separately, head of household, and qualifying widow(er) with dependent children. A taxpayer who qualifies for more than one filing status may choose a status.26 U.S.C. 1, Section 1 Determining filing status Generally, the marital status on the last day of the year determines the status for the entire year.26 U.S.C. 1, Section 2 Single Generally, if someone is unmarried, divorced, a registered domestic partner, or legally separated according to state law on December 31, that person must file as a single person for that year because the marital status at year-end applies for the entire tax year. There are some exceptions, such as qualifying as a head of househ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dependant
A dependant (US spelling: dependent) is a person who relies on another as a primary source of income and usually assistance with activities of daily living. A common-law marriage, common-law spouse who is financially supported by their partner may also be included in this definition. In some jurisdictions, supporting a dependant may enable the provider to claim a tax deduction. In the United Kingdom, a full-time student in higher education who financially supports another adult may qualify for an Adult Dependant's Grant. Taxation In the US, a taxpayer may claim exemptions for their dependants. See also * Military dependent * Independent (other), Independent * Guardian (other), Guardian References External links * Interpersonal relationships Gender roles Sociology of work {{sociology-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Exemption
Under United States tax law, a personal exemption is an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. In 2017, the personal exemption amount was $4,050, though the exemption is subject to phase-out limitations. The personal exemption amount is adjusted each year for inflation. The Tax Cuts and Jobs Act of 2017 eliminates personal exemptions for tax years 2018 through 2025. The exemption is composed of personal exemptions for the individual taxpayer and, as appropriate, the taxpayer's spouse and dependents, as provided in Internal Revenue Code at . Overview Section 151 of the Internal Revenue Code was enacted in August 1954, and provided for deductions equal to the "personal exemption" amount in computing taxable income. The exemption was intended to insulate from taxation the minimal amount of income someone would need receive to live at a subsistence level ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
