It HW7 - deductible as ID life insurance premiums paid by...

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33, 34, 39, 40; 4.33 a) No, cannot charge yourself b) 200 for each taxpayer c) No, is probably a gift 4.34 a) Yes b) Yes 4.35 a) 20,000-16,000 = 4,000 taxable c) No, probably a gift b) not taxable c) 50,000/4 = 12,500 15,000-12,500 = 2,500 taxable interest each year 4.39 a) Yes b) Yes c) Yes 4.40 a) 4,000 as long as tuition and books exceeds 1500 b) 4,000 c) 10,000 Yes, you would have an expense and benefit that would cancel each other out unless the money is given directly to charity
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fringe benefits employee employer health insurance paid by the employer not taxable Deductible health insurance paid by the employee
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Unformatted text preview: deductible as ID life insurance premiums paid by employer Not taxable Deductible if 50,000 and under life insurance premiums paid by employer if over 50,000 small amount taxableDeductible life insurance premiums paid by employee not deductible life insurance proceeds (benefits) are never taxable unless more than face value of policy disability insurance premiums paid by employer not taxable deductible disability insurance premiums paid by employee not deductible...
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It HW7 - deductible as ID life insurance premiums paid by...

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