All of the Following Are Part of the "Taxes" Provision

question 17

Multiple Choice

All of the following are part of the "taxes" provision of the Patient Protection and Affordable Care Act (ACA) except

• A) pharmaceutical firms and health insurance firms will pay new taxes.
• B) investors earning more than $200,000 will pay a new tax on their investment income.
• C) beginning in 2018, all taxes on employer-provided health insurance plans will be reduced or eliminated.
• D) workers earning more than $200,000 will have their share of the Medicare payroll tax increase.

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Definitions:

Fair Value

A measure of the price at which an asset or liability could be exchanged in a current transaction between willing parties.

IASB

The International Accounting Standards Board, an independent body that develops and approves International Financial Reporting Standards (IFRS).

FASB

Stands for Financial Accounting Standards Board, which is responsible for establishing and improving financial accounting and reporting standards in the United States.

Note Receivable

A written promise to receive a specific amount of money at a future date.