Chap 7 Pt 7 Flashcards

1
Q

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

A

When benefits recd are equal or less than employee’s percentage of the contribution

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2
Q

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

A

Employee’s group medical benefits are generally exempt from taxation as income

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3
Q

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

A

Benefits that are attributable to employer contributions are fully taxable to employee as income

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4
Q

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

A

No tax

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5
Q

BOE premiums =

A

Tax deductible

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6
Q

Premium payments for personally owned disability income policies=

A

Not tax deductible

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7
Q

Covered if Unable to perform Any job=

A

Any occupation more restrictive than other definitions

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8
Q

Easier to qualify for total disability benefits =

A

More liberal own

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9
Q

All disability premiums paid by insured employee=

A

Benefits recd income tax free

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10
Q

In disability and employer provider plans employers contribution =

A

Income taxable

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11
Q

Itemized deductions can claim deductions for

A

7.5%

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