Fpc Payroll Benefit Basics 4.4-4.6 Already Passed

Dependent Group-Term Life insurance coverage {Ans: of $2,000 or less is excludable from income as a de minimis fringe benefit}A 457(b) Plan is treated in some ways as a {Ans: non-qualified deferred compensation plan.}Non-qualified deferred compensation plans {Ans: are a written promise by the employer to pay a given amount at a later date.}IRS Table I Section 79 {Ans: provides an exclusion for the first $50,000 of group-term life insurance coverage provided under a policy carried directly or indirectly by an employer. There are no tax consequences if the total amount of such policies does not exceed $50,000. The imputed cost of coverage in excess of $50,000 must be included in income, using the IRS Premium Table, and are subject to social security and Medicare taxes.}Employees who elect to utilize the flexible spending account option {Ans: defer a portion of their wages to the fund and file claims against the fund based on their expenses incurred. Any amount not spent on benefits by the end of the plan year or its 2 1/2 month grace period is lost to the employee. If they don't use the money, they lose it.}Qualified plans include: {Ans: profit