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14 Cards in this Set
- Front
- Back
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Social security disability benefits are financed through... |
payroll tax |
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Self-employeds must pay _____ of the combined employee/employer tax rate |
100% |
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Although employers may take a tax deduction for contributions, employees |
are not entitled to a deduction for their share of the social security tax. |
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Health insurance can be organized into the following groups |
Individually Owned, Group, Sole proprietors and Partners, Business |
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What is the threshold (percentage) that the taxpayers medical expenses must exceed to be able to be deducted |
7.5% of gross income |
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Social security taxes are paid by employees with |
After-tax dollars |
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Disability benefits are subject to what taxes during the first 6 calendar months following the last month the employee was on the job |
Social Security Tax (FICA) and Federal Unemployment Tax (FUTA) |
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Self-employed persons are allowed to deduct the amount they pay for health insurance (including long term care) provided they: |
Show a net profit for the year and Cannot claim the deduction for any month they were eligible to participate in a health plan by their employer or by their employer's spouse |
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Medicare Part A hospital insurance is primarily funded by |
Social security payroll taxes |
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The premiums paid by a company for group health for its employees are: |
Tax-deductible by the company and not considered taxable income to the employees |
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Benefits paid by individually owned accident, health, disability or long term care policies generally are |
received income tax-free by the taxpayer, provided benefits do not exceed actual expenses |
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Individual disability insurance premiums are |
not deductible to the insured, but the benefits are received tax-free |
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An individual who is considered chronically ill must have a condition that |
is expected to last at least 90 days and you must be re-certified on an annual basis |
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Chronically ill means that the individual |
is unable, without substantial help from another person, be able to perform at least 2 of 5 ADL's (activities of daily living). |
