Rocket Co., an S corporation, pays single-coverage health insurance premiums of $17,000 per year. Philip is a
Question:
Rocket Co., an S corporation, pays single-coverage health insurance premiums of $17,000 per year. Philip is a 1% shareholder-employee in Rocket. On Philip’s behalf, Rocket pays Philip’s family coverage under the health insurance plan. What amount of insurance premiums is includible in Philip’s gross income?
a. $17,000
b. $170
c. $17
d. $0
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 84% (19 reviews)
d 0 Health insurance premiums and other fringe benefits paid for employee...View the full answer
Answered By
Harrison Maina
I am a professional academic writer with over three years of experience writing custom essays, research papers, and dissertations. I have handled assignments at various academic levels ranging from undergraduate, master, and doctorate levels. As a professional writer, I have majored in business, Management, Finance, and Accounting. Furthermore, I have exceptional skills in project management tasks and applications such as Excel, Word, PowerPoint, and SPSS.
I am a polymath regarding the kind of language that I use in my work. I also understand that clients come from different regions; hence, I can switch my vocabulary and English to suit my clients' requirements. All my communication channels are always open for clarification and subtle adjustments if any. Moreover, I make sure that I engage my clients in providing a draft for their perusal.
I write on a wide range of topics. Therefore, you can trust that I can handle a lot of essays regardless of the subject. I write custom essays ranging from Business, Communication & Media, Sociology, Psychology, Philosophy, Law, Medicine, Education, and Liberal Arts, among many others.
Besides ensuring that my essays are original, I make sure that I regularly update myself on several formatting styles. I am familiar with APA, MLA, Harvard, Chicago, IEEE, and AMA, among many other formatting types. I also ensure that before I deliver any essay, I check for grammatical errors and plagiarism in renowned platforms such as Grammarly. I am also ready to provide plagiarism reports when requested.
0.00
0 Reviews
10+ Question Solved
Related Book For
South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
ISBN: 1389
41st Edition
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
Question Posted:
Students also viewed these Business questions
-
Multiple Choice Questions 1. Mindy, an individual, owns 100% of Markee, an S corporation, and she has an initial stock basis of $10,000. This is the first year of Markee's operations. Additional...
-
Carmin Kovach is single and has two children from her previous marriage. Anika, 9, lives with Carmin. Julius, 11, lives with his father, Ray. Carmin pays alimony of $400 per month to Ray. The...
-
1. Russ and Linda are married and file a joint tax return claiming their three children, ages 4, 7, and 18, as dependents. Their adjusted gross income for 2014 is $105,300. What is Russ and Lindas...
-
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline would shift the supply curve Multiple Choice O down by $1.00. down by more than $1.00. up by $1.00. up by less than...
-
Find the derivatives of the inverses of the following functions in two ways: first by finding the inverse and taking its derivative directly, and then by using the formula for the derivative of the...
-
Draw a top view of the gyroscope shown in Fig. 10.32. (a) Draw labeled arrows on your sketch for w L, and t Draw d produced by T. Draw T + dL Determine the sense of the precession by examining the...
-
What is meant by the hockey stick pattern?
-
Earnings for several employees for the week ended March 12, 20--, are as follows: Calculate the employer's payroll taxes expense and prepare the journal entry as of March 12, 20--, assuming that FUTA...
-
help please Foam Products, Incorporated, makes foam seat cushions for the automotive and aerospace industries. The company's activity-based costing system has four activity cost pools, which are...
-
1. Why do you think Peters direct reports kept quiet about the work from home directive for as long as they did? Why did some of them eventually decide to inform management? 2. Do you think this...
-
Which of the following would cause a revocation of S status for an existing S corporation? I. A partnership becomes a shareholder of an S corporation II. An S corporation becomes a partner in a...
-
Shareholders of Rayle Co., a calendar year corporation whose S status was terminated during 2017, are looking to reapply for the S status as soon as possible. What is the earliest year a new S...
-
If you were managing a globally distributed team, which architectural documentation artifacts would you want to create first?
-
Explain The neoclassical (Solow) growth model, Critically assess the extent to facilitate our understanding of the process of technological change and its contribution to economic growth and...
-
Interest rate for an annuity Personal Finance Problem Anna Waldheim was seriously injured in an industrial accident. She sued the responsible parties and was awarded a judgment of $4,000,000. Today,...
-
a) Canada announces that it will be eliminating tariffs on foreign goods one year from now, what will happen to the value of the Canadian dollar? Explain. b) Suppose the governor of the Bank of...
-
In Fiona's product workshop, a particular job, known as VT17, consumed 6,900 of materials, and incurred 60 hours of direct labour during March 20X2. The relevant total production data during March...
-
10 Q.4 Q.3 The cruise ship must provide some sort of security for its travelers and employees. Devise a plan as to how you will ensure guest safety and security in the following areas of the cruise...
-
Have DRGs actually reduced health care costs?
-
A bar of length = 1 has one fixed and one free end and stiffness function c(x) = 1 - x. Find the displacement when subjected to a unit force. Pay careful attention to the boundary condition at the...
-
The Sterling Trust owns a business and generated $100,000 in depreciation deductions for the tax year. Mona is one of the income beneficiaries of the entity. a. Given the following information,...
-
The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trusts annual accounting income in shares of...
-
What is the subject of each of the following revenue procedures? a. Rev. Proc. 2015-48 b. Rev. Proc. 2019-26 c. Rev. Proc. 2017-60 d. Rev. Proc. 86-14
-
A crucial difference between experiential learning and traditional lecture approach is that it is only in: a. Traditional lecture approach that the learner decides what aspect of the material to...
-
An example of material culture is a. computers Ob. values O c. democracy O d. behavior
-
blank is the conscious, systematic process of making decisions about goals and activities that a person, group, work unit, or organization will pursue in the future. Planning Forecasting Budgeting...
Study smarter with the SolutionInn App