Exam 4: Income Tax Withholding

Which of the following are post-tax deductions? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Publication ____ is the employer's guide to fringe benefits.

Employer contributions to employee health insurance must be:

Which of the following is true about excluded fringe benefits? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Employers benefit by offering POPs because they reduce ____.

According to the Affordable Health Care Act, employers with or more employees are required to file an informational return with the IRS and a detailed summary to the employees.

All employee contributions to qualified Premium-Only Plans (POP) and Flexible Spending Arrangements (FSA) are deducted on a pre-tax basis.

Which fringe benefit valuation rule(s) permit employees to use a company vehicle for personal purposes as a fringe benefit? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Fringe benefits are always part of an employee's cash compensation package.

In which type of retirement plan does the company offer employees the ability to earn company stock for the duration of their employment?

Certain fringe benefits that are not part of a cafeteria plan may be reported on the employee's Form W-2 as income.

Which of the following deductions may be taken on a pre-tax basis? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

By what date must the value of all noncash benefits be determined for the preceding year?

Which of the following is an includible medical expense, according to Publication 502? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

What is the difference between a defined benefit and a defined contribution retirement plan?

____ is the price that a person would pay for an item in an arm's length transaction.

Which of the following is true about 401(k) retirement plans?

The IRS permits employees to rollover up to ____ annually in their FSA at the employer's discretion.

Under the ____ , benefits offered only during the last two months of the calendar year may be treated as paid during the following calendar year.

Which of the following is true about the employee tax treatment of employer-provided snacks and meals?