Idea Corporation has four employees and provides group term life insurance coverage for all four employees. Coverage is nondiscriminatory and is as follows: (Click the icon to view the data.) (Click the icon to view the Uniform One-Month Group Term Premiums for $1,000 of Life Insurance Coverage.) Read the requirements Requirement a. How much may Idea Corporation deduct for group term life insurance premiums? The amount Idea Corporation can deduct for group term life insurance premiums is - X Requirement b. How much income must be reported by each employee? (Enter a "0" if no income needs to be reported. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest cent.) Income to be Employee reported Reference Data Table Arnold Bill Candace Employee's age Premiums Employee Age Key Employee Coverage Actual Premiums Denise Under 25 $0.05 Arnold 67 yes 140,000 $ 4,200 25 to 29 .06 Bill 58 yes 48,000 1.200 30 to 34 08 Candace 36 no 90.000 800 35 to 39 09 Denise 28 48,000 250 40 to 44 .10 no 45 to 49 .15 .23 50 to 54 55 to 59 Print Done 43 60 to 64 .66 65 to 69 1.27 70 and above 2.06