Health savings accounts (HSAs) are different from flexible spending accounts (FSAs) in that FSAs allow for medical expenses to be paid using pre tax dollars, and HSAs do not HSAs allow for medical expenses to be paid using pre tax dollars, and FSAs do not FSAs allow contributions to be saved long t...

Health savings accounts (HSAs) are different from flexible spending accounts (FSAs) in that: FSAs allow for medical

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Question:

Health savings accounts (HSAs) are different from flexible spending accounts (FSAs) in that:

FSAs allow for medical expenses to be paid using pre-tax dollars, and HSAs do not.
HSAs allow for medical expenses to be paid using pre-tax dollars, and FSAs do not.
FSAs allow contributions to be saved long-term, and HSAs do not.
HSAs allow contributions to be saved for the future, and FSAs do not.

2. Montell was in a combat zone from March 10 through August 15. During the year, the military paid $4,800 toward his student loans ($400 per month). How much of that benefit is taxable income?

$400
$2,400
$3.600
$4,800

3. How are clergy housing allowances and the fair rental value of provided housing treated for tax purposes?

For all clergy, the amounts are excluded for self-employment tax, but included for income tax.
For all clergy, the amounts are excluded from gross income for both self-employment and income taxes.
For active clergy, the amounts are included in gross income for self-employment tax, but excluded for income tax.
For active clergy, the amounts are included in gross income for self-employment and income taxes.

4. Maria is a self-employed photographer with a qualified in-home office. Which of the following is a qualified business expense for Maria?