What Type of Business Can Always Provide Group Life, Disability

question 57

Multiple Choice

What type of business can always provide group life, disability, and health insurance policies tax-free and deduct the costs of premiums?

• A)S corporation
• B)Partnership
• C)C corporation
• D)LLC
• E)All of the above

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Definitions:

Joint Return

A combined tax return filed by married partners or certain partners in a civil union, pooling their incomes and deductions.

Taxable Income

Taxable income is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.

Standard Deduction

A fixed amount that taxpayers can subtract from their taxable income, reducing the tax they owe, without itemizing deductions.

Taxable Income

Income subject to taxation, after adjustments, deductions, and exemptions are accounted for.