FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Which of the following is true about the self-employed health insurance deduction?
a.The deduction can be claimed when a subsidized employer 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 health insurance.
d.The deduction can be claimed if the taxpayer has an overall business loss from self-employment.
e.The self-employed health insurance deduction is a for AGI deduction.
Expert Solution
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Step 1
In a nutshell, the self-employed health insurance deduction allows self-employed people to deduct 100% of their health, dental, and long-term care insurance premiums for themselves, their spouses, dependents, and non-dependent children under the age of 27.
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- Which of the type of insurance pays benefits to workers who suffer an injury on the job? Select the correct answer below: deposit insurance pension insurance O workman's compensation insurance none of the abovearrow_forwardWhich of the following disclosures of post-employment benefits would NOT be required? O the assumptions and rates used in calculating the benefit obligation O the amount of the actuarial liability for short-term benefits such as paternity leave O a description of the accounting and funding policies followed O the cost of post-employment benefits during the periodarrow_forwardWhich of the following characteristics is typical of group insurance? A.Each employee receives an individual contract B.All full-lime employees are eligible for coverage. C.Employees may automatically enroll for coverage at any time.arrow_forward
- For purposes of counting hours spent participating in a non rental real estate activity, participation by the taxpayers spouse is considered participation by the owner. True or falsearrow_forwardIf an employer contributes to an Health Savings Account (HSA) on behalf of an employee, a. Is the contribution deductible by the employee? Yes No b. Is the payment considered income to the employee? Yes Noarrow_forwardWhich of the following types of income are not considered self-employment income? Select one: a. Rental income from real estate and personal property leased with the real estate when the taxpayer is not a real estate dealer b. Capital gains c. Dividend income d. Interest income e. None of the these are considered self-employment incomearrow_forward
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