Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
8 Cards in this Set
- Front
- Back
|
Tax Treatment of Personally owned Heath Plans |
Premiums Medical/Dental & QLTC plans are age based limits w/ % of gross income being deductible. Disability and A D&D plans are NOT deductible Benefits All benefits are Tax free QLTC has inflation indexes limits for indemnity plans
|
|
|
Tax Treatment of Employer paid Group Heath plans |
Premiums All plans deductible to employer & non taxed to employees Benefits All tax free (Except disability) |
|
|
Tax Treatment of of Employee paid group |
Premiums On Plans are not deductible except QLTC which has gross income deductibility
Benefits All tax free |
|
|
Business Disability Insurance Tax |
Buy-Sell: premiums non-deductible;benefits not taxed Key Person Business Overhead: are deductible and taxable |
|
|
Health Savings Accounts - HSA |
Individually owned Taxable contributions Tax Free withdrawals used to pay qualified medical expenses Must have high deductible health plan Account values accumulate from year to year |
|
|
Medical Savings Accounts |
For small employers 50 or less Self employed Deductible contributions Must have High Deductible Plan Accumulated from year to year Tax free withdrawals New plans not allowed after 2006 |
|
|
Health Reimbursement Account -HRA |
Established by employer Employer contributions are pretax High Deductible plan not required Employees can use monies in HRS to pay deductibles, copays, and coinsurance |
|
|
FSA |
Employee authorize his employer to reduce employee’s salary |
