Horace is an employee of Ace Electric Company. Ace provides all employees with group term life insurance equal to twice their annual salary. Enter in the "Includable Premium" column the base amount upon which the includable premium will be determined. In the "Premium Taxed" column, enter the amount of premium to be included in Horace's gross income. Note: If required, round your final answers to the nearest cent. If an amount is zero, enter "0". Click here to view the Gross Income from Group Term Life Insurance table. Includable Premium Premium Taxed Horace is 26 and earns $16,000 per year. a. b. Horace is 26 and earns $42,000 per year. Horace is 63 and earns $42,000 per year. C. d. Horace is 46 and earns $90,000 per year. 24 Table 4-1 Gross Income from Group Term Life Insurance in Excess of $50,000 Indudable Income per $1,000 Employee's Age Monthly Annually Under 25 $.05 $ .60 25 to 29 .06 .72 30 to 34 .08 .09 96 1.08 1.20 35 to 39 .10 .15 40 to 44 45 to 49 1.80 50 to 54 23 2.76 55 to 59 43 5.16 60 to 64 .66 7.92 65 to 69 1.27 15.24 70 and older 2.06 24.72 O Cengage Leaming