Payments made by an employer for health insurance on behalf of an employee are considered income to the employee at the time the payments are made.   a.  True   b.  False       2. Joey is a single taxpayer. Joey's employer pays $1,800 per year for his health insurance. During the year, Joey had medical expenses of $2,500 and the insurance company reimbursed him for the full $2,500. How much of the above amounts, if any, must be included in Joey's gross incom

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1. Payments made by an employer for health insurance on behalf of an employee are considered income to the employee at the time the payments are made.

 

a. 

True

 

b. 

False

 

 

 

2. Joey is a single taxpayer. Joey's employer pays $1,800 per year for his health insurance. During the year, Joey had medical expenses of $2,500 and the insurance company reimbursed him for the full $2,500. How much of the above amounts, if any, must be included in Joey's gross income? Why?

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