Match Each Statement with the Correct Term Below

question 5

Multiple Choice

Match each statement with the correct term below.
-Gift

• A)An employee may exclude up to $5,000 annually of these employer-provided services.
• B)If cash is received under this program, taxpayers are taxed on the amount of cash received.
• C)A salary reduction plan that allows employees to pay for medical and child care costs with before-tax dollars.
• D)A transfer of property without any profit motivation with an intention that includes affection, charity, and respect.
• E)Payments made into an employee's account are not taxable in the current period; taxation is deferred until funds are withdrawn.
• F)Employer provided benefit that may be excluded from income because the dollar amounts are too small for a reasonable accounting.

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Definitions:

Simple Interest

Interest computed on the original sum of a loan or deposit, not including the effects of compounding throughout the duration.

Simplification

The process of reducing a mathematical expression or equation to its simplest form.

Like Terms

Terms in an algebraic expression that have the same variable factors and thus can be combined or simplified.

Mathematical Expression

A combination of numbers, variables, and operators (such as +, -, *, /) that represent a value or quantity.