Homework Answers
Answer is $36
Insurance coverage reduced by $50000
Thus insurance coverage = 80000-50000 $30000
Amount included in income = insurance coverage * 12 months * cost of protection per $1000 = 30*12*0.10 = $36
Add Answer to:
DESTION 8 Manuel's employer provides him with $80,000 of group term life insurance coverage for the...
Grace's employer is now offering group-term life insurance. The company will provide each employee with $210,000...
Grace's employer is now offering group-term life insurance. The company will provide each employee with $210,000 of group-term life insurance. It costs Grace's employer $935 to provide this amount of insurance to Grace each year. Assuming that Grace is 50 years old, use the table to determine the monthly premium that Grace must include in income as a result of receiving the group-term life benefit. Uniform Premiums for $1,000 of Group-Term Life Insurance Protection Multiple Choice $47.80. $36.80. $87.73. $0.
Grace's employer is now offering group-term life insurance. The company will provide each employee with $120,000...
Grace's employer is now offering group-term life insurance. The company will provide each employee with $120,000 of group-term life insurance. It costs Grace's employer $680 to provide this amount of insurance to Grace each year. Assuming that Grace is 37 years old, use the table to determine the monthly premium that Grace must include in income as a result of receiving the group-term life benefit. EXHIBIT 12-08 Uniform Premiums for $1,000 of Group-Term Life Insurance Protection 5-Year Age Bracket Cost...
Creative Corporation has four employees and provides group term life insurance coverage for all four employees....
Creative Corporation has four employees and provides group term life insurance coverage for all four employees. Coverage is nondiscriminatory and is as follows: (Click the icon to view the Uniform One-Month Group Term Premiums for $1,000 of Life Insurance Coverage.) (Click the icon to view the data.) Read the fequirements. Requirement a. How much may Creative Corporation deduct for group term life insurance premiums? The amount Creative Corporation can deduct for group term life insurance premiums is Requirement b. How...
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the...
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the life of its 45-year-old vice-president, Warren. The annual cost per $1,000 of coverage for a person aged 45 to 49 is $1.80. If Warren has paid $25 toward the cost of the insurance, what is the cost of hte policy includible in Warren's gross income? 1) $278.00 2) $144.00 3) $54.00 4) $29.00 5) $0 Question 2 During 2019, Edward East had wages of...
James pearson, as part of his estate planning, assigned his $100,000 group-term life insurance policy to...
James pearson, as part of his estate planning, assigned his $100,000 group-term life insurance policy to his brother. James’s employer provided for only $50,000 of coverage; therefore, the brother paid for the premiums on the supplemental insurance. James did not include in gross income the premiums for the supplemental insurance. James’s accountant challenged him on this arrangement. Who prevailed? 2. Pete and Linda received a divorce in 2010. During the year, Pete contributed $950 support for their only child in...
Answer the following questions relative to employer-financed medical and health, disability, and life insurance plans. a....
Answer the following questions relative to employer-financed medical and health, disability, and life insurance plans. a. May employers deduct premiums paid on employee insurance? b. Do employees have to include such premiums in gross income? c. Are benefits paid to the employee included in the employee's gross income? a. May employers deduct premiums paid on employee insurance? Employers deduct the cost of premiums paid on medical, health, disability and life insurance coverage for employees. b. Do emplo ude such premiums...
Joe and Maggie have life insurance through their employers equal to two times their annual salaries,...
Joe
and Maggie have life insurance through their employers equal to two
times their annual salaries, joe, age 37, has an annual salary of
$56,000 and Maggie, age 34, has an annual salary of $59,000. the
annual cost of the group term insurance is $20 for each employee?
Table 1 Rates for Group Term Insurance:
5-year age bracket | Cost/$1,000 insurance for
1 month period
Under 25
$0.05
25 to 29
$0.06
30 to 34
$0.08
35 to 39
$0.09...
Felicia is covered by a $180,000 group term life insurance policy and her daughter is the beneficiary
3. Felicia is covered by a $180,000 group term life insurance policy and her daughter is the beneficiary. Felicia's employer pays the entire cost of the policy for which the uniform annual premium is $8 per $1,000 of coverage. How much of this premium is taxable to Felicia? a. $0 b. $640 c. $1,040 d . $1,440 4. Scott, age 22, is a full-time student at State College and a candidate for a bachelor's degree. During the current year, he received the...
19. Green, Inc, provides group term life insurance for all of its employees. The covernge equals...
19. Green, Inc, provides group term life insurance for all of its employees. The covernge equals twice the employee's anual salary. Sam, a vice president, worked all year for Green, Inc, and received $200,000 of coverage for the year at a cost to Green of $1,500. The Uniform Premiums (based on Sam's age) are S0.25 per month for $1,000 of protection. How much must Sam include in gross incomse this year? a. 50 b. $375 c. $450 d. $600 e....
104 Life Insurance-Term and Other The main purpose of life insurance is to provide financial protection...
104 Life Insurance-Term and Other The main purpose of life insurance is to provide financial protection for your dependents in case of your death. You may purchase term life insurance, whole life insurance, limited payment life insurance, of endowment life insurance. ANNUAL PREMIUM - NUMBER OF UNITS PURCHASED X PREMIUM PER $1000 Use the tables below to answer the problems. ANNUAL PREMIUM PER $1000 OF LIFE INSURANCE: 5-YR TERM Age 18 20 25 30 35 45 55 65 Male $...
Grace's employer is now offering group-term life insurance. The company will provide each employee with $210,000 of group-term life insurance. It costs Grace's employer $935 to provide this amount of insurance to Grace each year. Assuming that Grace is 50 years old, use the table to determine the monthly premium that Grace must include in income as a result of receiving the group-term life benefit. Uniform Premiums for $1,000 of Group-Term Life Insurance Protection Multiple Choice $47.80. $36.80. $87.73. $0.
Creative Corporation has four employees and provides group term life insurance coverage for all four employees. Coverage is nondiscriminatory and is as follows: (Click the icon to view the Uniform One-Month Group Term Premiums for $1,000 of Life Insurance Coverage.) (Click the icon to view the data.) Read the fequirements. Requirement a. How much may Creative Corporation deduct for group term life insurance premiums? The amount Creative Corporation can deduct for group term life insurance premiums is Requirement b. How...
Answer the following questions relative to employer-financed medical and health, disability, and life insurance plans. a. May employers deduct premiums paid on employee insurance? b. Do employees have to include such premiums in gross income? c. Are benefits paid to the employee included in the employee's gross income? a. May employers deduct premiums paid on employee insurance? Employers deduct the cost of premiums paid on medical, health, disability and life insurance coverage for employees. b. Do emplo ude such premiums...
Joe
and Maggie have life insurance through their employers equal to two
times their annual salaries, joe, age 37, has an annual salary of
$56,000 and Maggie, age 34, has an annual salary of $59,000. the
annual cost of the group term insurance is $20 for each employee?
Table 1 Rates for Group Term Insurance:
5-year age bracket | Cost/$1,000 insurance for
1 month period
Under 25
$0.05
25 to 29
$0.06
30 to 34
$0.08
35 to 39
$0.09...
19. Green, Inc, provides group term life insurance for all of its employees. The covernge equals twice the employee's anual salary. Sam, a vice president, worked all year for Green, Inc, and received $200,000 of coverage for the year at a cost to Green of $1,500. The Uniform Premiums (based on Sam's age) are S0.25 per month for $1,000 of protection. How much must Sam include in gross incomse this year? a. 50 b. $375 c. $450 d. $600 e....
104 Life Insurance-Term and Other The main purpose of life insurance is to provide financial protection for your dependents in case of your death. You may purchase term life insurance, whole life insurance, limited payment life insurance, of endowment life insurance. ANNUAL PREMIUM - NUMBER OF UNITS PURCHASED X PREMIUM PER $1000 Use the tables below to answer the problems. ANNUAL PREMIUM PER $1000 OF LIFE INSURANCE: 5-YR TERM Age 18 20 25 30 35 45 55 65 Male $...
Most questions answered within 3 hours.
-
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 46 minutes ago -
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 31 minutes ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 1 hour ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 2 hours ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 2 hours ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 2 hours ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 4 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 5 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 5 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 5 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 5 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 6 hours ago