I would like you to elaborate on the above questions. I don't know how to calculate GTLI and solve taxable income.

2. Matt, age 62 and Martha, age 59 are married and live in Texas. Matt has a salary of $950,000 and Martha earns $450,000. Martha's employer provides health insurance for Matt and Martha which costs the employer $15,000 per year. Matt's employer pays $9,500 per year to provide Matt with group term life insurance coverage equal to one year of his salary. Matt and Martha purchased land in 2002 for $1,000,000, which they sold for $1,200,000 in 2020. In 2020, they pay home mortgage interest of $35,000 on their personal residence. The home, purchased in 2015, had a $1,000,000 mortgage obtained in 2015. Their property tax on their personal residence is $9,000. Matt has a short-term capital gain of $2,000, a long-term capital gain of $7,000, and a short-term capital loss of $15,000 on his stock portfolio. What is Matt and Martha's taxable income? Show your calculations and label each item or no credit will be given. CORRECT ANSWER: TAXABLE INCOME: $1,559,000 HINT: GROUP TERM LIFE INSURANCE 2. Matt, age 62 and Martha, age 59 are married and live in Texas. Matt has a salary of $950,000 and Martha earns $450,000. Martha's employer provides health insurance for Matt and Martha which costs the employer $15,000 per year. Matt's employer pays $9,500 per year to provide Matt with group term life insurance coverage equal to one year of his salary. Matt and Martha purchased land in 2002 for $1,000,000, which they sold for $1,200,000 in 2020. In 2020, they pay home mortgage interest of $35,000 on their personal residence. The home, purchased in 2015, had a $1,000,000 mortgage obtained in 2015. Their property tax on their personal residence is $9,000. Matt has a short-term capital gain of $2,000, a long-term capital gain of $7,000, and a short-term capital loss of $15,000 on his stock portfolio. What is Matt and Martha's taxable income? Show your calculations and label each item or no credit will be given. CORRECT ANSWER: TAXABLE INCOME: $1,559,000 HINT: GROUP TERM LIFE INSURANCE