Question
Stephanie purchased a disability insurance policy two years ago paying $150 of premiums per month. Today, Stephanie has an illness that requires treatment, preventing her
Stephanie purchased a disability insurance policy two years ago paying $150 of premiums per month. Today, Stephanie has an illness that requires treatment, preventing her from working, while receiving treatment and during the recovery period. The policy pays $3,000 per month. Stephanie had gross monthly earnings of $2,800. What amount of the disability payment is includable in Stephanies gross income?
| A. | $200; the amount that exceeds Stephanies monthly earnings. | |
| B. | $3,000; the entire amount of the payment. | |
| C. | Zero | |
| D. | $2,850; the amount that exceeds the monthly premium. |
1 points
QUESTION 6
A company pays the following amounts to employees. Which will be considered gross income?
| A. | Dependent care assistance of $2,500. | |
| B. | Health insurance premiums of $2,900 | |
| C. | Educational assistance of $4,000. | |
| D. | Gift at Christmas of $850. |
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Leading The Internal Audit Function
Authors: Lynn Fountain
1st Edition
0367568004, 9780367568009
