Explain tax implications of insurance (i.e. life insurance proceeds, healthcare reimbursement, flexible spending accounts, disability premiums/proceeds)...

Explain tax implications of insurance (i.e. life insurance proceeds, healthcare reimbursement, flexible spending accounts, disability premiums/proceeds)

Explain insurance needs short-term, intermediate-term, and long-term based on the development of your personal financial plan.

Expert Solution

ekkarill92 answered 2 years ago

Regarding Allison's life insurance policy, life insurance proceeds are exculded from tax.

Regarding Allison's life insurance policy, life insurance proceeds are exculded from tax. Therefore,?the $1,200,000 face value of the policy is excluded as it is received. However, the earnings on the?policy during the time it is held by the insurace company are not exculdable. The total interest earned?is [ A ]. As each payment on the policy is recieved, you will exclude[ B ] and include[ C ].

How flexible premiums can be both an advantage and a disadvantage of Universal Life Insurance?

Based the excerpt, HEALTHCARE INSURANCE AND REIMBURSEMENT METHODOLOGIES, Explain in detail the difference between Generic Reimbursement...

Based the excerpt, HEALTHCARE INSURANCE AND REIMBURSEMENT METHODOLOGIES, Explain in detail the difference between Generic Reimbursement Methodologies. Your answer should compare on contrast; Fee-for-Service Methods, Cost-Based Reimbursement, Charge-Based Reimbursement, Prospective payment, Capitation. Your answer would include how CPT and ICD codes play a role in each of these methodologies. Your answer should consist of a minimum of 400 words.

Which of the following items is not a permanent book/taxdifference?A) Tax-exempt life insurance proceeds...

Which of the following items is not a permanent book/tax difference?A) Tax-exempt life insurance proceedsB) Non-deductible meal expenseC) Accrued vacation pay liability not paid within the first 2 1/2 months of the next tax yearD) Excess tax benefits from the exercise of NQOsPlease explain

Is the $3,500 of life insurance proceeds received by Lime included in its gross income? Explain.

Lime Finance Company requires its customers to purchase a credit life insurance policy associated with the loans it makes. Lime is the beneficiary of the policy to the extent of the remaining balance on the loan at die time of the customer’s death. In 2017, Lime wrote off as uncollectible a $5,000 account receivable from Wally, which included $1,500 of accrued interest. When Wally died in 2018, the life insurance policy was still in force and Lime received $3,500.

Current E&P does not include tax-exempt interest income. life insurance proceeds where the corporation is the...

Current E&P does not include tax-exempt interest income. life insurance proceeds where the corporation is the beneficiary. federal income tax refunds from prior years. AM of the above are included.

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