Question

UWOCZown newly rel X a who needs Sec. 170 x chrome download le choice Saved Help Save & Exit Submit Frank received the following benefits from his employer this year. What amount must Frank include in his gross income? Benefits Received Salary Health insurance Group-term life insurance (face $50,000) Amount $ 74,000 5,750 2,430 Multiple Choice O $76,430 879.750 $79,750 $82,180 < Prey 2 of 13 !! Next > 110 14 DO X W

Answer 1

$74,000

F must include $74,000 salary in his gross income.

Health insurance benefits - Not taxable
If the cost of the coverage is higher than $50,000 of insurance, life insurance is taxed.

The life insurance benefits is only $50,000, then it do not taxable to the employee to be included in the gross income.