personal finance second half

Maxine Marshall received $24,000 in disability payments from an insurance policy she paid for. How much of the $24,000 is included in Maxine's gross income?

$0

Maria purchased 100 shares of JAX stock for $30 per share and sold this same stock one year later for $29 per share. She paid commissions of $50 when she purchased the stock and $45 when she sold the stock. Dividends of $2 per share were paid during the year. The capital loss on this stock transaction was

$195

The Fishers did very well on their investment choice. They earned $280 in dividend income from their stock investment this year. Later in the same year when they sold the stock, they realized a long-term capital gain of $2,984. How much of this dividend and capital gain income will they have to pay taxes on?

$3,264

Gary purchased 250 shares of PAC stock for $37 per share and sold this same stock one year later for $44 per share. He paid commissions of $15 when he purchases the stock and $10 when he sold the stock. Dividends of $1.50 per share were paid during the year. The total rate of return on this investment was

22.70%

To be fully insured for Social Security retirement benefits, a worker must have ___ Social Security credits.

40

Which of the following would be considered smart financial planning?

Contribute to your employee-sponsored 401(k) retirement plan at least up to the amount of the employer's matching contribution.

___ is (are) the portion of a company's profits that the firm pays out to its shareholders.

Dividends

___ comprises the arrangements you make during your lifetime for the administration and transfer of your worldly possessions and assets after your death.

Estate planning

Retirement is defined as the time period when your stop all work for pay.

False

The most obvious health related financial loss is the need for income replacement when one is unable to work.

False

Which of the following government programs is jointly funded by federal and state governments?

Medicaid

The income received in return for someone's use of your property is called

Rent

Which of the following is not a characteristic of Medicare Part A?

Requires monthly premium payments

___ is the time in life when the major of income changed from earned income to investments, Social Security benefits and part-time work.

Retirement

A group health care plan is sold collectively to an entire group of persons rather than individuals.

True

A portfolio is a collection of investments assembled to meet your investment goals.

True

A progressive tax is one that demands a higher percentage of a person's income as income increases.

True

A retirement savings goal is the total amount of accumulated savings and investments needed to meet your living expenses after retirement.

True

Social Security taxes withheld from an employee's paycheck are commonly called FICA taxes.

True

Tax planning includes eliminating, reducing or deferring income taxes to be paid.

True

Traditional health insurance plans typically have ___ and ___ requirements that result in out-of-pocket costs for the insured.

deductibles; coinsurance

Drawbacks of an HMO include

limited choice of physicians

Under the Affordable Care Act, all health care plans must cover ten essential benefits of adequate coverage and be labeled as a

quality healthcare plan

Lina earns $135,000 a year, while Christine earns $125,000 a year. If both are employees and the Social Security wage is $117,000, Lina pays ___ Social Security taxes than (as) Christine.

slightly higher

Practically everything you receive in return for your work or services and any profit from the sale of assets is considered income, whether the compensation is paid in cash, property, or services. Listing these earnings will reveal your

total income