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Health Insurance and Taxation

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Question 1 of 4

1. Question

Are Social Security benefits taxable? Page 518

No, they are tax free
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Yes, they are taxed as ordinary income
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They are taxed only if the taxpayer receives income from another source.
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They are taxed only if the taxpayer has a substantial amount of additional income.
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Question 2 of 4

2. Question

All of the following are correct statements about the taxation of individual health, accident, disability, and long-term care policies except: Page 519

Excepting disability insurance, premiums are deductible only if they, along with other medical expenses, exceed 7.5 percent of adjusted gross income.
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Long-term care insurance has a an annual dollar limit for deduction based on the taxpayer’s age.
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Benefits paid by individual policies are generally tax free as long as the benefits do not exceed actual expenses.
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All premiums are deductible up to a certain limit based on income.
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Question 3 of 4

3. Question

All of the following are correct statements about the taxation of group health policies except: Page 519

The premiums paid by the employer for accident, health, disability, and dental coverage are deductible by the company and are not taxed to employees.
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All disability benefits are taxable.
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Benefits to employees for accident, health, and dental coverage are generally tax free as long as the benefits do not exceed actual expenses.
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If an employee pays all or part of group disability premiums, premiums are not deductible but any benefits are tax free to the extent the employee paid the premiums.
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Question 4 of 4

4. Question

All of the following are correct statements about business policies except: Page 520

Premiums for business overhead expense insurance are tax deductible.
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Proceeds of business overhead expense insurance are taxable.
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Disability policy premiums for a key employee or used to fund a buy/sell agreement are not deductible, nor are the proceeds taxable.
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Proceeds from all business insurance policies are tax deductible.
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