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Benefits Beginner: Introduction to Employee Benefits Programs

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1.
Employee benefits that are nontaxable are _______.
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Excluded from wages before the wages get paid. This means they are deducted from gross wages before taxes are taken out and therefore do not need to be claimed on one's tax return.
2.
By partaking in a cafeteria plan at your place of employment, you _______.
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Can choose employee benefits that you want. Cafeteria plans let you do the choosing.
3.
To receive employee benefits at a given company, you must be an employee there.
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False. Independent contractors, who are not employees, sometimes get various benefits, though not to the extent that employees do.
4.
Shielding your employment earnings from taxes by redirecting them into an employee benefit plan could affect your Social Security payout at retirement.
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True. Most people work enough hours to make the effect nonexistent, but for some, Social Security earnings could actually drop slightly.
5.
Employee benefits are applicable to all employees of a given company.
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False. Some benefits, such as childcare assistance or telecommuting, may not be applicable to all people.