What is the "applicable figure" used to determine a taxpayer's contribution amount for purposes of calculating the appropriate premium tax credit if the taxpayer has a household size of 5 and household income of $44,000?

Question

Quizplus · Accepted Answer

The applicable figure is based on the taxpayer's household income and is determined by the Department of Health and Human Services. For a household size of 5 and income of $44,000, the applicable figure for the 2021 tax year is 4.30%. This means that the taxpayer would need to contribute 4.30% of their income toward the cost of a benchmark health plan, and the premium tax credit would cover the remainder of the cost.

What Is the "Applicable Figure" Used to Determine a Taxpayer's