Chap 7 Pt 7 Flashcards
Under what condition are grou disability income benefits recd by Emp NOT taxable as income
When benefits recd are equal or less than the employee’s percentage of contribution
When employee is 59.5
When Emp makes all premium payments
When benefits recd are equal or less than employee’s percentage of the contribution
When would employee’ss group medical benefits be exempt from income taxes
When premiums and other unreimbursed medical expenses exceed 5% of employee’s adjusted gross income
An employee’s group medical benefits are generall exempt from taxation as income
All of the above
Employee’s group medical benefits are generally exempt from taxation as income
Insured under employer’s group disability income policy. Insured suffered an acident while on vacation left im unable to work for 4 months. If disability income policy pays benefits which of following true
Insured can deduct medical expense benefits from his income tax
Insured has to wait 2 more moths to start recg benefits
Benefits that are attributable to employer contributions are fully taxable to employee as income
Benefits that are attributable to employer contributions are fully taxable to employee as income
Individuallong term care ins plan; insured able to deduct premiums from taxes; what income taxation will be imposed on benefits recd
No tax
State tax
Federal tax
No tax
BOE premiums =
Tax deductible
Premium payments for personally owned disability income policies=
Not tax deductible
Covered if Unable to perform Any job=
Any occupation more restrictive than other definitions
Easier to qualify for total disability benefits =
More liberal own
All disability premiums paid by insured employee=
Benefits recd income tax free
In disability and employer provider plans employers contribution =
Income taxable
Itemized deductions can claim deductions for
7.5%
