M2: Flashcards
What 3 elements define HCEs for nondiscrimination purposes?
- The 5 highest paid officers
- An owner of more than 10% of the ER’s stock
- Top-paid 25% of EE’s
Employer-Provided Health Insurance Offer and Coverage Information Return
1095-C (large employers)
Prior to the ACA, employers could structure health insurance plans offered through a third-party insurance company to favor them
Highly Compensated Employee (HCE)
Transmittal of Health Coverage Information Returns
1094-B (small employers)
A 6% tax on excess contributions to HSAs
Excise tax
A type of benefit plan permitted by IRS §125 in which the employer offers employees a choice of benefits
Cafeteria plan
A small employer that does not offer major medical coverage may offer these
QSEHRAs
An Internal Revenue Service (IRS) tax form used to report distributions made from various types of savings accounts, such as Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), and Medicare Advantage Medical Savings Accounts (MSAs).
Form 1099-SA
When employees suffer a workrelated injury or illness
They may receive workers’ compensation benefits
Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns
1094-C (large employers)
Retirement plan contributions that are not deductible from employee income
Roth IRA
Any deferred comp plan that does not meet the requirements of IRC 401(a) for qualified pension and profit sharing plans.
Usually offered to executives or other highly compensated employees as there is no discrimination or limitations to apply.
Nonqualified Retirement Plans
Defined contribution plans that give EE’s the chance to own shares of the ER’s stock
Employee Stock Ownership Plan (ESOP)
The diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body, or for insurance covering such medical care.
IRC definition of Medical Care
United States vs. Windsor (2013)
Court case that was overturned by US Supreme Court, that allowed for federal benefits to same-sex couples.
Two individuals lawfully married to each other
IRS genderneutral definition of spouse
Return of Certain Excise Taxes Under Chapter 43 of the IRC 4980D form
Form 8928 (self assessed)
Describe the differences between the following:
1095-C
1094-C
1095-B
1094-B
1095-C: Large company (50+) proof of coverage
1094-C: Large company transmittal
1095-B: Small (<50) company proof of coverage
1094-B: Small company transmittal
These were made obsolete (although existing ones were grandfathered) by the MMA Act of 2003 with the creation of HSAs
MSAs
Annual Third Party Sick Pay Recap form
Form 8922
Employer’s Quarterly Federal Tax Return form
Form 941
Health Coverage Information Return
1095-B (small employers)
Wage and Tax Statement form
Form W-2
Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts etc. form
Form 1099-R
Employer’s Annual Unemployment (FUTA) Tax Return form
Form 940
Obergefell v Hodges (2015)
Legalized same-sex marriage
Extra catch-up contributions can be made to an HSA by individuals of a certain age and older until they are eligible to enroll in Medicare
Age 55
Form for Request for Federal Income Tax Withholding From Sick Pay
Form W-4S
