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(Solved): Which of the following statements regarding a flexible spending account (FSA) is CORRECT? An FSA is ...



Which of the following statements regarding a flexible spending account (FSA) is CORRECT? An FSA is a cafeteria plan consisting of various tax-free benefits funded through employee salary reductions. There is no maximum amount of salary reduction that can be elected to fund an FSA. Employee salary reductions applied to qualified nontaxable benefits under the plan are subject to income tax and payroll (FICA) tax.



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