Question
C is an employee of F Corporation, with an annual salary of $60,000. Cs employer provides $90,000 of group term life insurance. C is required
C is an employee of F Corporation, with an annual salary of $60,000. Cs employer provides $90,000 of group term life insurance. C is required to contribute monthly $0.15 per $1,000 of coverage. The IRS Uniform Premium Table shows $0.60 as the monthly cost per $1,000 for the coverage. How much is included in Cs annual gross income for the benefits received from his or her employers group life insurance coverage?
2020
| A. | 0 | |
| B. | 126 | |
| C. | `53 | |
| D. | 288 |
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
125972266X, 9781259722660
