25 May Question 1. Melody works for a company with only 22 employees. Her em
Question
1. Melody works for a company with only 22 employees. Her employer contributed $2,000 to her health savings account (HSA), and the account earned $100 in interest during the year. Melody withdrew only $1,200 to pay medical expenses during the year. Melody is notrequired to recognize any gross income from the HSA for the year.
a. True
b. False
2. If an employer pays for the employee’s longterm care insurance premiums, the employee can exclude from gross income the premiums but all of the benefits collected must be included in gross income.
a. True
b. False
3. Employees of a CPA firm located in Maryland may exclude from gross income the meals and lodging provided by the employer while they were on an audit in Delaware.
a. True
b. False
4. Carla is a deputy sheriff. Her employer requires that she live in the county where she is employed. Housing is very expensive; so the county agreed to pay her $4,800 per year to cover the higher cost of housing. Carla must include the housing supplement in her gross income.
a. True
b. False
5. Roger is in the 35% marginal tax bracket. Roger’s employer has created a flexible spending account for medical and dental expenses that are not covered by the company’s health insurance plan. Roger had his salary reduced by $1,200 during the year for contributions to the flexible spending plan. However, Roger incurred only $1,100 in actual expenses for which he was reimbursed. Under the plan, he must forfeit the $100 unused amount. His after-tax cost of overfunding the plan is $65.
a. True
b. False
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