Having Money Deducted from Your Paycheck and Put in a Flexible

question 31

True/False

Having money deducted from your paycheck and put in a flexible spending account is one of the ways you can avoid paying taxes on the amount you spend for health care expenses.

Analyze the importance and methods of benefit audits for organizational efficiency.

Understand the emerging trends in employee benefits and services.

Recognize the role of government in providing health and pension benefits.

Comprehend the implications of GST/HST on employee benefits.

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Definitions:

Maturity

The date on which a financial instrument, such as a bond or loan, becomes due and the principal is to be repaid.

Notes Payable

A written agreement where a borrower agrees to pay back a lender a specific amount of money, often with interest, by a certain date, recorded as a liability in financial statements.

Interest Expense

The cost incurred by an entity for borrowed funds, often reported on the income statement.

Annual Instalment

Regular payments made once a year to pay off a debt or an obligation.