Lorenzo is self employed with an S corporation. He is unmarried and had a net profit for the tax year. What are the tax ramifications of his health insurance premiums paid for the year?
A) 50% of his health insurance costs can be deducted from his gross income
B) 75% of his health care costs can be paid with pre-tax income
C) 100% of his health insurance costs can be deducted from his gross income
D) 100% of his health insurance costs can be paid with tax credits
Answer: C) 100% of his health insurance costs can be deducted from his gross income
Business
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