Gross Income Flashcards
1
Q
What portion of life insurance premiums are taxed
A
Contributions made by employer upwards of $50k
2
Q
When are alimony payments taxable (refers to year of divorce)
A
2018 & Earlier = Include in income
2019 & After = Exclude from income
3
Q
What is the max amount of social security income taxable
A
Up to 85% of SS income.
4
Q
Triple hierarchy for dividends
A
E&P = Dividends
(Excluded in Gross Income)
No E&P but basis = Return of capital
No E&P or basis = Capital gains
5
Q
Life insurance proceeds on death for beneficiary
A
Not included in Gross Income for beneficiary
6
Q
Is workers comp included in gross income?
A
No
