Asked by Alyssa Nation on May 11, 2024
Verified
An advantage of flexible benefit packages is that they can reduce one's taxable income while increasing benefit options.
Flexible Benefit Packages
Employment benefit plans allowing employees to choose from a range of benefit options, tailoring their compensation package to their personal needs.
Taxable Income
The amount of an individual's or business's income used to determine how much tax they owe to the government, after deductions and exemptions.
- Understand the benefits of flexible benefit packages, including tax advantages.
Verified Answer
KC
Katie CoffeyMay 16, 2024
Final Answer :
True
Explanation :
Flexible benefit packages allow employees to allocate their compensation towards benefits that are pre-tax, such as health insurance, which reduces their taxable income while offering a variety of benefit options tailored to their needs.
Learning Objectives
- Understand the benefits of flexible benefit packages, including tax advantages.
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