ACC 456 STUDY Extraordinary Success/acc456study.com ACC 456 STUDY Extraordinary Success/acc456study. | Page 19

Chapter 6: I:6-13 and I:6-20
Chapter 7:-31 and I:7-32
Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
4-13
Answer the following questions relative to employer-financed medical
and health, disability, and life insurance plans.
·
a.May employers deduct premiums paid on employee insurance?
·
b.Do employees have to include such premiums in gross
income?
·
c.Are benefits paid to the employee included in the employee’s
gross income?
4-15
·
a.What are the seven major types of fringe benefits covered by
Sec. 132?
·
b.What tax advantage is offered relative to such benefits?
·
c.Are such benefits available to employees only or may the
benefits also be offered to spouses, dependents, and retirees?
·
d.Is discrimination prohibited relative to Sec. 132 benefits?
·
e.What is the tax impact on the employer and employees if an
employer’s plan is discriminatory?
6-1