Which of the following is a false statement regarding a Flexible Spending Account (FSA) (also known as a flexible spending arrangement)? A. The taxpayer does not have to pay taxes on money put into an FSA that he or she uses to pay for certain out-of-pocket health care costs
B. The taxpayer can use funds in his or her FSA to pay for copayments and deductibles
C. The taxpayer can use FSA funds to pay for insurance premiums
D. Employers may make contributions to the taxpayer’s FSA

C. The taxpayer can use FSA funds to pay for insurance premiums

Explanation:

The Flexible Spending Account (FSA) is very useful as it provides reimbursement for certain out-of-pocket health care cost and is not taxable saves people money.

However, even though FSA funds can be used to pay off deductibles and co-payments, taxpayers are not allowed to use it to pay insurance premiums.

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total

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