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May is a self-employed business owner. She has 3 employees. She offers medical bakery

May is a self-employed business owner. She has 3 employees. She offers medical bakery

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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May is a self-employed bakery business owner. She has 3 employees. She offers medical insurance coverage to her employees. Her employees paid $25,000 toward their medical insurance premium from withholdings from their paycheck. May paid an additional $85,000 toward the medical insurance premiums for her employees. How much of a deduction can May take for the medical insurance premium expense on her Federal Income Tax Return? Group of answer choices a. $0 b. $25,000 c. $85,000 d. $105,000
Transcribed Image Text:May is a self-employed bakery business owner. She has 3 employees. She offers medical insurance coverage to her employees. Her employees paid $25,000 toward their medical insurance premium from withholdings from their paycheck. May paid an additional $85,000 toward the medical insurance premiums for her employees. How much of a deduction can May take for the medical insurance premium expense on her Federal Income Tax Return? Group of answer choices a. $0 b. $25,000 c. $85,000 d. $105,000
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