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4. Group-Term Life Insurance. (Obj. 2) Paine Distributing pays an annual premium for $90,000 for nondiscriminatory group-term life insurance coverage on its president, Fred J.

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4. Group-Term Life Insurance. (Obj. 2) Paine Distributing pays an annual premium for $90,000 for nondiscriminatory group-term life insurance coverage on its president, Fred J. Noble . Fred is 44 years of age. His wife, Melanie, is the policy's beneficiary. For this group-term life insurance, Fred pays the company $0.20 per year for each $1,000 of coverage. His share of the insurance premium is deducted from his gross salary under Paine's payroll deduction plan. What portion of the group-term life insurance cost is included in Fred's gross income for the year

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