Exam 4: Income Tax Withholding

What method(s) may be used to determine the fair market value of the personal use of a company car? (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.)

Premiums for insurance purchased through qualified cafeteria plans may be deducted from an employee's pay on a pre-tax basis.

What is true about long-term disability insurance?

Under the Affordable Care Act, what are the rules for dependents to be covered under a parent's health plan? (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.)

As a general rule, when should the employer deposit money associated with employee benefits?

The primary difference between pre-tax and post-tax deductions is:

What options do employers have regarding taxable 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.)

What is the primary difference between the lease-value rule and the commuter rule as they pertain to the valuation of a company car fringe benefit?

According to Bureau of Labor Statistics, what percentage of additional compensation is commonly offered as fringe benefits?

What is the purpose of pre-tax deductions?

The purpose of fringe benefits is to ____.

Specific fringe benefit exclusion rules are found in Publication 15.

What differentiates Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs)?

Health Savings Accounts may be used as pre-tax deductions for which type of costs? (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.)

If an employer paid for its employees' long-term care insurance premiums, who determines the effect on the employees' gross pay?

The cash value of ____ must be included as compensation on the employee's W-2.

What differentiates 401(k) and a 403(b) retirement plans?

Which of the following, according to the IRS, is used to determine if a health plan qualifies for pre-tax status? (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.)

Which of the following is/are hallmarks of 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.)

Fringe benefits and employee satisfaction have no correlation.