TAXES

premium payments for personally owned disability income policies are a) not tax deductible b) eligible for tax credits c) tax deductible d) tax deductible to the extent that they exceed 10%

a

Which of the following is correct regarding the taxation of group medical expense premiums and benefits? a) premiums are tax deductible and benefits are taxed b) premiums are tax deductible and benefits are not taxed c) premiums are not tax deductible and benefits are taxed d) premium are not tax deductible and benefits are not taxed

b

Under a key person disability income policy, premiums payments a) are made by the business and are not tax deductible b) are made by the employee and are not tax deductible c) are made by the employee and are tax free d) are made by the business and are not tax deductible

a

all of the following are true regarding key employee disability income insurance except a) benefits are taxable to the employer b) the employer owns the policy c) benefits are paid the the employer to retrain a new person d) premiums are not tax deductible for the employer

a

Which of the following is correct regarding business overhead expense insurance? a) premiums are not tax deductible b) benefits received are received tax free c) benefits received are taxable income to the employee d) premiums are tax deductible

d

Which of the following is incorrect concerning taxation of disability income benefits? A) if the employer paid the premiums, income benefits are taxable to the insured as ordinary income b) if the insured paid the premiums, any disability income befits are tax-free c) if the benefits are for a permanent loss, the benefits paid to the employee are not taxable d) If paid by the individual, the premiums are tax deductible

d