health insurance plan is also available. b.Long-term care premiums may not be deducted within specified dollar limitations based on age. c.Dental insurance is not included as deductible self-employed he

Q: Which of the following, if true would weigh in favor of activity being considered business, rather…

A: Based on the IRS guidelines, the following factors would weigh in favor of an activity being…

Q: e excluded from an employee's income EXCEPT: Qualified moving expenses for civilian employees.…

A: Fringe benefits are those payments or services provided by the employer to its employee in-kind…

Q: Which of the following statements about traditional IRAs is TRUE?    Taxable investment income,…

A: Correct option is 4. Taxpayers have until the due date of the return (not including extensions) to…

Q: The employer has an obligation to provide future benefits for:     A. Defined benefit pension…

A: Defined benefit and defined contribution are the  retirement pension plan

Q: One limitation, on the deduction for self-employed insurance, is that taxpayers cannot deduct the…

A: Self-employed individuals may be able to deduct their health insurance premiums as an above-the-line…

Q: The Employee Retirement Income Security Act (ERISA) requires that companies fund defined-benefit…

A: The post-retirement benefits will be benefits, other than annuity disseminations, paid to…

Q: If Jimmy is terminated before he is fully vested in an employer-sponsored plan, Jimmy may not get to…

A: Many employer-sponsored retirement plans have vesting periods, during which employees gradually earn…

Q: When a VA loan has been properly assumed, a veteran has a right to a release of liability upon…

A: VA home loans came into existence for the benefit of members of the armed forces. These loans…

Q: Which of the following is NOT true about a temporary insurance agreement? Select one: a. It can only…

A: Insurance agreement:Insurance agreement is when two parties come together and join hands that one…

Q: Homeowners insurance provides coverage for:   Damages that the insured becomes legally obligated…

A: Homeowners insurance is a type of property insurance that provides coverage for damages to the…

Q: Pension plans must meet complex rules to retain their tax-advantaged status. These rules include all…

A: Tax Benefit for Pension Plan depends on following:VestingEmployee and Employer…

Q: Which of the following is deductible from gross income? O Loss from a business receivable from a…

A: Gross income : It is the income which is taxable before allowing any deductions.   Deduction are…

Q: A major difference between defined benefit pension plans and defined contribution pension plans is…

A: Pension plan is a plan under which either the employer or the employee contributes small amount of…

Q: A pension asset is reported when

A: Answer: Pension asset is defined as the asset that is created due to pension plan for purpose of…

Q: Which of the following suggests that a taxpay contractor? Works for more than one firm Sets own…

A: Medicare taxes are payroll taxes that are paid by both employees and employers to fund the Medicare…

Q: If an employee pays for a periodic medical checkup required by an employer, can the amount paid be…

A: Any amount given by the employer for a periodic medical check-up to the employee is liable for…

Q: Policyholder dividends from a whole life insurance policy are generally tax exempt. In which of the…

A: The correct answer is: (A) The dividend is from a MEC and is received in cash. Policyholder…

Q: Which of the following is a true statement? Multiple Choice Rental expenses are deducted for AGI but…

A: It is the tax payable by the taxpayer, who is self-employed. As per the provisions of IRS, the…

Q: Which of the following fringe benefits provided by an employer would result in taxable income to an…

A: The objective of the question is to identify which of the given fringe benefits provided by an…

Q: e insurance company's compensation

A: Insurance compensation is the amount received by the insured from the insurance company for the…

Q: "What is the effect of state laws forcing individuals to purchase auto liability insurance?"

A: Liability insurance protects against bodily harm and/or property damage claims. If the insured party…

Q: In terms of classification of short-term compensated absences; which of the following is incorrect?…

A: Vesting short term absences entitled to cash payments for unused entitlement and non vesting short…

Q: The lifetime learning credit can be used toward the cost of any course of instruction to acquire or…

A: The statement is not entirely accurate. The Lifetime Learning Credit is indeed a tax credit that can…

Q: Which of the following does not qualify as a "for the convenience of the employer nontaxable fringe…

A: The "for the convenience of the employer" criterion is an important consideration for determining…

Q: on is a policy that provides benefits if Sue is unable to perform the duties required by her regular…

A: Disability insurance works in the same way that paycheck insurance does. Disability insurance may…

Q: The earnings on a traditional IRA are O never taxed, in order to encourage people to invest for…

A: Traditional IRA- It is a tax-deferred account that provides a way to save for retirement with tax…

Q: Choose the response that accurately completes the following sentence. A taxpayer claiming the…

A: Correct option is 3 i.e.  Will receive a refund if the amount of the credit is larger than the tax…

Q: Sick pay benefits that are related to an employee's services already rendered, whose payment is…

A: The right response is that accrual is necessary when the benefits both accumulate and vest. The…

Q: If the insured outlived the life insurance policy, the proceeds shall be taxable to the beneficiary…

A: If the insured outlived the life insurance policy, he/she will get his/her premium back, this…

Q: Describe the exclusion Life insurance proceeds received by reason of the death of the insured person…

A: The life insurance proceeds from genuine life insurance contracts which was received by beneficiary…

Q: The first step that must be completed to determine the allowable losses when a taxpayer has multiple…

A: Given: The determination of allowable losses is carried out in the first step.

Q: Employer-sponsored Accident and Health Plans, Medical Reimbursement Pland, Long Term  Care Insurance…

A: Employer offers several benefit plans to employees which include group health care plans and…

Q: In general, how can an employer choose an appropriate discount rate for its pension plan? What…

A: Step 1: The Discount rate to be selected must be in consideration with the ability of the company to…

Q: A pension plan is underfunded when the employer’s obligation (PBO) exceeds the resources available…

A: Projected benefit obligation (PBO): This is the estimated present value of future retirement…

Q: Payments by employers of premiums on life insurance for employees are not taxable benefits. Select…

A: Tax deductible Expenses: Expenses that are deductible for tax purposes include those deemed…

Q: The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of…

A: Income statement: It is one of the financial statements prepared by an organization. This statement…

Q: Which of the following conditions must be met for employees who are engaged in selling or leasing…

A: Income tax payable is an obligation for the tax payers to the government on the taxable income.…

Q: If a person is not eligible for the health insurance premium tax credit because of

A: Tax is the charge which is charged on the taxable income of a taxpayer and each taxpayer wants to…

Q: When can an individual deduct the premiums paid for a disability income policy? Under no…

A: Solution: As per IRS, Premium paid on disability income policy is not tax deductible. If you itemize…

Q: Why would an insured inflate claims and who are the ones to suffer for it?

A: Insurance can be defined as the contract that is signed by an insurer indemnifies another person…