Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you answer the whole page please 27. What is the cost-of-coverage amount (Gin death proceeds), if any, that is non-taxable for a non-discriminatory group

Can you answer the whole page please image text in transcribed
27. What is the cost-of-coverage amount (Gin death proceeds), if any, that is non-taxable for a non-discriminatory group term life insurance coverage offered as an employee bencit a) b) S 50,000 c) $100,000 d) The amount of premiums paid for the coverage by the employer 28. Which one of the following employee fringe benefits would be taxable to the employee? a) Business use of a company car b) Employee of an airline flying standby from Denver to Los Angeles c) Benefits of a de minimis value d) Monthly dues to a local health club paid by the employer 29. What, if any, is the period of continuation coverage for group health insurance under COBRA in the event of the gross misconduct of an employee? a) -0- b) 18 months c) 29 months d) 36 months 30. Which of the following benefits cannor be provided by a Voluntary Employees' Beneficiary Association (VEBA)? 1) Severance benefits 2) Deferred compensation 3) Commuting expenses 4) Sickness and accident benefits a) (1) and (2) only b) (3) and (4) only c) (2) and (3) only d) (2), (3), and (4) only 31. KRF Corporation provides all of its employees with group term life insurance coverage equal to two times their annual salary. Amanda, an employee, earns $60,000 per year and is currently 35 years old. She is not considered a key employee and pays nothing for this benefit. The uniform annual premium for someone the age of Amanda is .20 per $1,000 per month of coverage. How much, if any, is W-2 taxable income to Amanda resulting from the provision of this insurance? a) -0- b) $14

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions