which of the following is not an example of a nontaxable fringe benefit? Emploven provided parkins of $120 per month. Dualica emploree discounts Group-term life insurance policy providing $100,000 of coverage Monthly employer provided transit benefit of $100.
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which of the following is not an example of a nontaxable
Emploven provided parkins of $120 per month.
Dualica emploree discounts
Group-term life insurance policy providing $100,000 of coverage
Monthly employer provided transit benefit of $100.
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- For 2022, the maximum deductible and annual out-of-pocket expenses for family coverage on a high deductible health plan for a Health Savings Account is: Multiple Choice $1,400. $14,100. $13,800. $7,050.Check my work Ariana's health Insurance policy includes a deductible of $1,050 and a coinsurance provision requiring her to pay 20 percent of all bils. Her total bill is $8,700. What is Ariana's total cost? (Do not round intermediate calculations.) Imsured's cot1. Of the cafeteria plans listed, which is NOT a voluntary nontaxable deduction? Answer: A. Medicare B. Group-term life insurance C. Medical care reimbursements D. Adoption assistance 2. Prior to the current period, Sol Berenson had earnings subject to FICA tax of $138,600. This week, Sol has gross earnings of $4,900, so he will have $_____ withheld in FICA tax for this period. 3. Barring any special circumstances, over what age is an individual eligible to receive Medicare benefits? Answer: A. 55 B. 62 C. 65 D. 70
- 6., RST Company offers a qualified retirement plan. Each employee contributes 4 percent of his or her pretax income to the plan, and RST matches each employee's contribution. An employee's benefit at retirement is determined by his or her account balance at the time of retirement. What type of retirement plan does RST offer? a. Defined contribution plan. b. Defined benefit, flat percentage of annual earnings c. Defined benefit, unit-credit formula. d. Defined benefit, flat dollar amount for all employeesWhat is the Health Savings Arrangement (HSA) catch-up contribution limit for an employee who is 58 years old and married? O $3,600 O $1,000 O $7,200 O $1,050John Jenkins earns $1,290 per week. The deductions from his pay were: FIT $111.00 FICA—OASDI 79.98 FICA—HI 18.71 State income tax 31.00 State disability insurance 9.03 Credit union deduction 40.00 Health insurance premium 47.50 Charitable contribution 5.00 John’s disposable earnings would be: $1,290.00 - $111.00 (FIT) - $79.98 - $18.71 (FICA deductions) - $31.00 (SIT) - $9.03 (disability insurance) = $1,040.28 Example 6-3 Huffman Company has a child support order outstanding on one of its employees (Charles Suffert—$170 per week). Charles Suffert's disposable income is $950 per week. A new garnishment is received for a $5,000 debt to a credit card company. The company would take an additional $237.50 out of Suffert's pay. Lesser of: 25% × $950 = $237.50 or $950 − (30 × $7.25) = $732.50 Kalen O'Brien earned $730 this week. The deductions from her pay were as follows: FIT $66.00 FICA—OASDI 45.26 FICA—HI 10.59 State income tax…
- Matt works for Fresh Corporation. Fresh offers a cafeteria plan that allows each employee to receive $15,000 worth of benefits each year. The menu of benefits is as follows:Benefit CostHealth insurance—single $ 5,000Health insurance—with spouse $ 8,000Health insurance—with spouse and dependents $ 11,000Dental and vision $ 1,500Dependent care—any specified amount up to $5,000 VariableAdoption benefits—any specified amount up to $5,000 VariableCash—any specified amount up to $15,000 plan benefit Variable401(k)—any specified amount up to $10,000 VariableFor each of the following independent circumstances, determine the amount of income Matt must recognize and the amount of deduction Fresh may claim: (Leave no answer blank. Enter zero if applicable.)Problem 12-49 Part b (Static) a) Matt elects the single health insurance benefit and places 10,000 dollars in his 401Kb) Matt selects the single health insurance benefit, is reimbursed $5,000 for dependent care,…The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered Years employed as of January 1 Attribution period EPBO, January 1 EPBO, December 31 Interest rate Funding and plan assets Multiple Choice O O What is the service cost to be included in the current year's postretirement benefit expense? (Round your answer to the nearest whole dollar.) $3,200. $3,456. $3,900. 5 4 (each) 20years $3,306. $ 64,000 $69,120 8% NoneAri Friedman is an employee at Ruby Investments, with an annual salary of $92,500, paid biweekly. Ari has the following fringe and voluntary benefits. • Medical insurance: $400 per month . 401(k): 3 percent of gross pay • Flexible spending arrangement $2,550 annually . Charitable contributions: $65 per pay period Required: What is the total amount Ari contributes to fringe benefits and voluntary deductions annually? Medical insurance 401(k) Flexible spending arrangement Charitable contribution Total amount Ari contributes to fringe benefits and voluntary deductions
- Welcome Care, a senior citizen day-care center, pays the major portion of its employees' medical insurance. An employee who selects coverage for him/her self and spouse must pay $163 each semimonthly paycheck. An Activities Director is hired at a semimonthly salary of $1750. Blank #1: Find the percentage method income for the Activities Director's semimonthly gross earnings of $1750. They are married with one withholding allowance on their W-4. Answer with units. One Withholding Allowance S 77.90 155.80 168.80 Payroll Perlod Weekly Biweekly Semimonthly Monthly Quarterly Semiannually Annualy Daily or miscellaneous (each day of the payroll period) 337.50 1.012.50 2,025.00 4.050.00 15.60Sunland Inc. provides the following information related to its post-retirement health-care benefits for the year 2020: Defined post–retirement benefit obligation at January 1, 2020 $114,000 Plan assets, January 1, 2020 45,800 Actual return on plan assets, 2020 4,000 Discount rate 11% Service cost, 2020 56,200 Plan funding during 2020 22,200 Payments from plan to retirees during 2020 6,200 Actuarial loss on defined post-retirement benefit obligation, 2020 (end of year) 26,300 Sunland Inc. follows IFRS. Calculate the post–retirement benefit expense for 2020. Post–retirement benefit expense 2020 $enter the Post–retirement benefit expense in dollars eTextbook and Media Calculate the post-retirement benefit remeasurement gain or loss—other comprehensive income (OCI) for 2020. Post-retirement benefit remeasurement select an option…The figure shows estimated medical costs versus what a user actually pays for three health insurance plans with different deductibles. For which plan does the user pay the most for estimated medical costs of $3,000?