tax applicable to Life Insurance Premiums.

Q: Regarding the taxation of life insurance policies, which of the following is NOT true? Select one:…

A: Life insurance is referred to as a contract between you and the insurance company. In general,…

Q: Find the gross income, the adjusted gross income, and the taxable income.

A: Answer: Gross income is the total earned income. When any exempt income is adjusted in gross income,…

Q: Compute the taxable income subject to regular income tax

A: Taxable income: It implies to the income of the taxpayer that is charged or subjected to income tax…

Q: Social security payable and medicare tax payable are classified as

A: Introduction: Balance sheet: All assets and liabilities are recorded in Balance sheet. Balance sheet…

Q: Which component of Kensington’s periodic pension cost would be shown in OCI ratherthan P&L?A .…

A:

Q: ADDITIONAL Medicare Tax

A: Additional medicare tax is a tax charged from those who have high income. Additional medicare tax…

Q: Which of the following can be deducted as interest expense? Interest on personal debt Interest on…

A: Interest on personal debt  imputed interest on capital interest on assessed tax delibquency…

Q: b) Define deductible. c) What happens to your premium when the deductible is lowered? d) List three…

A: Honor code: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Medical Insurance, a pre-tax deduction? Thank you,

A: Payroll deductions are wages withheld from an employee’s total earnings for the purpose of paying…

Q: What is the difference between life insurance and annuity?

A: Meaning:Life insurance is a cover on financial loss, and it is a contract between insurer and a…

Q: Describe the nature of postretirement benefit plans other than pensions and identify the…

A: Pension plan: This is the plan devised by corporations to pay the employees an income after their…

Q: Explain how a defined contribution pension plan and how a defined benefit plan work. Which pension…

A: A defined contribution plan is a type of corporate retirement plan in which an employee contributes…

Q: Define prior service cost. How is it reported in the financial statements? How is it included in…

A: Pension:  A pension is a type of retirement plan in which an employer makes a contribution to a pool…

Q: Salaries Expense Social Security Tax Payable Medicare Tax Payable Employee Federal Income Tax…

A: Given: Salary expense = $12,400

Q: Explain the following terms. Include the definition, how they are calculated, treated in the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Define the interest cost component of the periodic pension expense.

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: The following are exclusions from gross income, except    Proceeds of life insurance policies.…

A: The income earned by an individual before any deductions and allowances is considered Gross Income.

Q: Explain and what is the calculation of the following. Tax rates (formula) HELP repayment amount…

A:

Q: (a) Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes…

A: Salaries and wages payable is amount of the salaries that are due but not paid by the company. this…

Q: The calculation used by Social Security to calculate retirement benefits is meant to replace a(n)…

A: Retirement Benefits are the benefits provided to an employee when his working days with an…

Q: what are the legal provisions related to Taxable Income, Medicare Levy, and Medicare Levy surcharge?

A: Medicare Levy Medicare levy helps in funding the Australia's health system known medicare Medicate…

Q: Describe the Investments in Life Insurance Policies.

A: Life Insurance policies are to provide financial support to the beneficiaries and dependents after…

Q: describe the two elements which determine the net periodic pension expense.

A:

Q: Define the service cost component of the periodic pension expense.

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: When would the cost of credit life insurance be included in the finance charge and APR calculations…

A: Introduction: The cost of a credit insurance premium depends on different aspects such as the size…

Q: Differentiate annuity dues and deferred annuities.

A: An annuity can be divided into two types: Annuity due: Unlike a regular annuity, annuity due…

Q: how to calculate someones adjusted basis in tax

A: Adjusted basis refers to the amount of gain or loss earned on selling the property. It includes the…

Q: How to calculate taxable social security earnings?

A: Social security:   It is the protection that a society will provide towards individuals and…

Q: Unions dues, vacation account, 401k, insurance, subtracted from gross pay Options are: personal…

A: Law provides certain deductions that are deducted from the gross pay to achieve net pay.

Q: o tax? Describe each. Thank you in advance

A: Usually, all incomes and value additions are taxed as income tax. Income tax is a direct tax which…

Q: What are the major differences between post-retirement healthcare benefits and pension benefits?

A: For the benefits of pension, it is fixed with the contract terms and only the term is not known. And…

Q: What is adjusted gross income and what influence does it have on other elements in the tax return…

A: Adjusted gross income is calculated by deducting the specific deduction from the total gross income.…

Q: 1. How to find out the acturial gains and losses on the defined benefit obligation and the defined…

A: The US GAAP and IFRS principles have a similar method of measuring pension benefit obligations but…

Q: Calculate Earning before interest Tax

A: EBIT (earnings before interest and taxes) is a company's net income before income tax expense and…

Q: You pay personal taxes on your calculated ____ income. a. adjusted gross b. marginal  c. taxable d.…

A: Explanation: Gross income is the sum of all the income an individual earns in a given financial year…

Types of Insurance Contract

Insurance is a contract wherein an individual or entity gets financial protection from the insurance company for any damages or losses incurred. The individual or entity is called the insured, whereas the insurance company is called the insurer. The insured and the insurer enter a legal contract for a fixed term called the insurance term, and the contract is called an insurance policy.