BA 220 – Jen and Jane are domestic partners in a state that does not allow same-sex marriage

Subject: Business / Finance
Question
1) Jen and Jane are domestic partners in a state that does not allow same-sex marriage. Jen and Jane both have health coverage under Jen’s employer plan which allows domestic partner coverage. The premiums paid by the employer for Elizabeth are:

a) taxable to Jen

b) taxable to Jane

c) not subject to income tax for either Mary or Elizabeth

2) Tech Inc provides free food for all of its on-site employees. The value of the free food is likely to be taxable if it is provided primarily:

a) for the convenience of the employees

b) for the convenience of the employer

c) to encourage working to stay on the premises for lunch

d) to increase worker productivity

3) Which of the following are the three legs of the retirement income “stool” envisioned by Congress when they were developing the Social Security system? (Select all that apply)

a) Individuals saving on their own for retirement

b) Employer-provided retirement plans

c) Government-provided social safety net for the elderly

d) Families helping to support older relatives

4) One of the differences between a traditional IRA and a Roth IRA is that:

a) contributions to a Roth IRA are not tax deductible but traditional IRA contributions are tax deductible

b) withdrawals during retirement from a traditional IRA are not taxed and withdrawals from a Roth are taxed

c) earnings in the IRA are taxed as received in a traditional IRA but not in a Roth

5) If Susan is not yet vested in her employer retirement plan, and leaves her job

a) she can still roll over all the accumulated assets to her new employer’s plan as long as she doesn’t take any of the money out

b) she will only be eligible to receive benefits from the plan if she meets the minimum cliff rules

c) she will not be entitled to any of the contributions that the employer has made on her behalf

d) she will not be entitled to any of the contributions that she has made into the account through salary deferral

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