Fletch and Cammie Gates are married with three dependent children and household income of $51,804 in 2018. The Gates purchased health care insurance on their state's exchange for total premiums of $6,800. A designated silver plan for their family in their state costs $9,700. Calculate the Gates' premium tax credit.
Fill in the blank(s) with the appropriate word(s).
$6,800. $51,804/$28,780 = 180% of the federal poverty level, thus the applicable percentage is 5.42%. $51,804 × 5.42 % = $2,808. $9,700 ? $2,808 = $6,892. The premium tax credit is the lesser of $6,892 or $6,800 (the amount they paid).
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