True or False When an employee pays all of the premiums for disability insurance coverage, the...
True or False
When an employee pays all of the premiums for disability insurance coverage, the payments are not deductible and the benefits received are tax free?
Homework Answers
True
Disability insurance premiums are not tax-deductible. The IRS allows taxpayers to deduct certain medical expenses by taking an itemized deduction on their tax return. (The amount you deduct can't be less than 10% of your adjusted gross income.)
Because you pay the premiums with after-tax dollars, the benefits you receive are tax free
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True or False
When an employee pays all of the premiums for disability
insurance coverage, the...
Answer the following questions relative to employer-financed medical and health, disability, and life insurance plans. a....
Answer the following questions relative to employer-financed medical and health, disability, and life insurance plans. a. May employers deduct premiums paid on employee insurance? b. Do employees have to include such premiums in gross income? c. Are benefits paid to the employee included in the employee's gross income? a. May employers deduct premiums paid on employee insurance? Employers deduct the cost of premiums paid on medical, health, disability and life insurance coverage for employees. b. Do emplo ude such premiums...
True/False: Sarah's employer pays the hospitalization insurance premiums for a policy that covers all employees and...
True/False: Sarah's employer pays the hospitalization insurance premiums for a policy that covers all employees and retired former employees. After Sarah retires, the hospital insurance premiums paid for her by her employer can be excluded from her gross income. Please explain the answer
True or False: 1) Employees have different preferences when it comes to health insurance coverage. The...
True or False: 1) Employees have different preferences when it comes to health insurance coverage. The premium paid by employees sorts employees into the plan or preferred choice of coverage; higher premiums purchase more coverage or add dependents to the policy. 2) The ACA regulates HSAs by controlling what benefits are covered by an HSA plan, and by penalizing non-qualified withdrawals from an HSA 3) Under the ACA; the small group market is exempt from the "pay or play" employer...
Premiums paid for life insurance policies are deductible as medical expenses. True False
Premiums paid for life insurance policies are deductible as medical expenses. True False
Obtaining all of the information about all of a patient's insurance coverage is important for notifying...
Obtaining all of the information about all of a patient's insurance coverage is important for notifying next of kin in an emergency. True False PCPs are physicians who are board-certified specialists. True False An example of a third party payer are all of these EXCEPT ___ HMO The Patient PPO Medicare CMS stands for _____ Centers for Medical Services Corporation of Medical Systems Centers for Medicare and Medicaid Services Cycle of Medical Selections When an individual pays a percentage of...
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the...
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the life of its 45-year-old vice-president, Warren. The annual cost per $1,000 of coverage for a person aged 45 to 49 is $1.80. If Warren has paid $25 toward the cost of the insurance, what is the cost of hte policy includible in Warren's gross income? 1) $278.00 2) $144.00 3) $54.00 4) $29.00 5) $0 Question 2 During 2019, Edward East had wages of...
The Mighty Machinery Company subscribes to the Healthy Family Medical Organization. Monthly insurance premiums are: employee without dependents, $350; employee with one dependent, $450; employee with...
The Mighty Machinery Company subscribes to the Healthy Family Medical Organization. Monthly insurance premiums are: employee without dependents, $350; employee with one dependent, $450; employee with multiple dependents, $550. The Mighty Machinery Company pays a large part of the premiums for participating employees and their dependents. Participating employees have deducted from their paychecks every month $40 from an employee without dependents, $80 from an employee with one dependent, and $100 from an employee with multiple dependents. The Healthy Family Medical...
Sydney’s employer provides his employees with an insurance policy that pays sick benefits if the employee...
Sydney’s employer provides his employees with an insurance policy that pays sick benefits if the employee is out of work due to illness for longer than a specified period. His employer pays 70% of the premiums and Sydney pays the remaining 30%. When Sydney was out of work, he was paid $4,500 in sick pay from the policy. How much if any, of the sick pay received, is taxable to Sydney? Select one: a. $4,500 b. $3,150 c. $ 0...
Georgia, a widow, has take-home pay of $1,600 a week. Her disability insurance coverage replaces 55...
Georgia, a widow, has take-home pay of $1,600 a week. Her disability insurance coverage replaces 55 percent of her earnings after a four-week waiting period. What amount would she receive in disability benefits if an illness kept Georgia from work for 12 weeks? Disability benefit payment
An income-tax credit is allowed for any excess employee contributions for disability insurance under the Unemployment...
An income-tax credit is allowed for any excess employee contributions for disability insurance under the Unemployment Insurance Code. For 2018, the employee State Disability Insurance (SDI) was 1% and was taxed to a maximum withholding of what amount? A. $900.50B. $925.80C. $1,149.67D. $1,225.14
Answer the following questions relative to employer-financed medical and health, disability, and life insurance plans. a. May employers deduct premiums paid on employee insurance? b. Do employees have to include such premiums in gross income? c. Are benefits paid to the employee included in the employee's gross income? a. May employers deduct premiums paid on employee insurance? Employers deduct the cost of premiums paid on medical, health, disability and life insurance coverage for employees. b. Do emplo ude such premiums...
Georgia, a widow, has take-home pay of $1,600 a week. Her disability insurance coverage replaces 55 percent of her earnings after a four-week waiting period. What amount would she receive in disability benefits if an illness kept Georgia from work for 12 weeks? Disability benefit payment
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